Pershing Square Makes Amazon Its Fourth-Largest Holding by Dumping Alphabet

Pershing Square Capital Management has made Amazon its fourth-largest holding by selling its position in Alphabet, according to its latest SEC Form 13F filing.

The investment firm, led by Bill Ackman, exited its position in Alphabet in the second quarter of this year and sold about a quarter of its Amazon stake during that time.

Despite trimming its Amazon position, Pershing Square still sees significant growth potential for the company, driven by opportunities in artificial intelligence (AI) and e-commerce growth.

Ackman's thesis behind the investment is centered on Amazon's two growth engines: Amazon Web Services (AWS) and e-commerce. The firm expects AWS to continue growing rapidly due to increasing demand for AI tools, while also seeing room for margin expansion in the retail business.