Billionaire Bill Ackman Just Sold Alphabet and Bought These 2 Beaten-Down Artificial Intelligence (AI) Stocks
Apparently, there is no longer room for Alphabet in Pershing Square Capital Management's portfolio, but doubling down on other AI stocks may be a great idea.
Overview
Bill Ackman, the billionaire founder of the hedge fund Pershing Square Capital Management, was a busy man during the second quarter. He and his team made some notable moves. For instance, the firm surprisingly closed its position in Alphabet (NASDAQ:GOOG) (NASDAQ:GOOGL). Why is this a surprise?
Alphabet has been performing extremely well in recent quarters, posting accelerating sales growth within its cloud computing segment, which is currently its most important growth driver.
Details
Perhaps Ackman decided to quit while he was ahead, or maybe there were other reasons for the decision. But it's also interesting that the billionaire hedge fund manager doubled down on some major tech companies that have moved south over the past year, including Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META). Was this a good move?
Source
Originally published at www.fool.com.