Bill Ackman's Pershing Square Made Amazon Its Fourth-Largest Holding by Dumping Alphabet. Here's the Thesis Behind the Switch.

Published August 17, 2026 · Category: Finance

Overview

Bill Ackman's Pershing Square Capital Management started selling Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) in the fourth quarter of 2025 while continuing to hold a large stake in Amazon (NASDAQ: AMZN) and other tech stocks. Ackman also bought a new position in Microsoft. In a post on X dated May 16, 2026, Ackman explained that he sold the Alphabet position to free up cash for Microsoft. But he also apparently sees better prospects in Amazon.

Pershing Square's mid-year update to investors reiterated its expectation that Amazon will grow its earnings at more than 20% annually, driven by opportunities in artificial intelligence (AI) and continued e-commerce growth.

Details

While Pershing Square trimmed its Amazon position in Q2, the position still accounts for about 10% of the firm's reported assets on its SEC Form 13F, making it the fourth-largest holding. Bill Ackman's thesis behind the investment continues to play out almost exactly as he predicted when he originally bought the stock in April 2025.

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Source

Originally published at www.fool.com.

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