Ackman's Amazon Thesis: AI and AWS Fueling Growth

Pershing Square, led by high-profile investor Bill Ackman, holds nearly 8.6 million shares of Amazon, accounting for a significant 10.5% of its $19.5 billion portfolio.

Ackman has been vocal about his bullish stance on the company, citing the massive amounts of capital being spent on artificial intelligence (AI) infrastructure as a key driver of growth.

In particular, he points to Amazon's cloud business, Amazon Web Services (AWS), which has benefited from the broad adoption of AI worldwide and is expected to continue growing at a pace of over 30% so far in 2026.

Ackman also believes that Amazon's retail operations are getting stronger, with market share gains and unit volume growth reaching 15% in the first quarter, the highest since 2021.