Amazon Draws 15% Portfolio Allocations from Two Billionaire Investors

Two billionaires, Bill Ackman and David Tepper, have independently allocated over 15% of their portfolios to Amazon in Q1 2026. This is significant because both managers have different investment styles: Ackman's Pershing Square focuses on concentrated, high-quality stocks, while Tepper's Appaloosa rotates aggressively through distressed and macro trades.

The data shows that Ackman held Amazon at roughly 17.4% of his portfolio in Q1, while Tepper had it at around 15.2%, nearly doubling his share count quarter-over-quarter. This alignment is notable because Berkshire Hathaway exited its Amazon stake last quarter.

Amazon's numbers support the sizing: in Q1 FY2026, the company reported EPS of $2.78 versus a $1.73 estimate, revenue of $181.52 billion, up 16.6% year-over-year, and operating income of $23.85 billion, up 29.6%. AWS grew 28%, its fastest pace in 15 quarters, at a 37.7% operating margin.

The custom silicon business (Graviton, Trainium, Nitro) crossed a $20 billion annual run rate with triple-digit growth, and advertising reached over $70 billion trailing twelve-month revenue. Stores unit growth of 15% was the strongest since COVID-19.