Overview
- Pershing Square’s March‑31 13F, filed in mid‑May, showed a roughly 95% reduction in Alphabet holdings, the purchase of 5,654,078 Microsoft shares and an added 1,844,157 Amazon shares.
- Bill Ackman said on X that the Alphabet sale was tactical and used as a source of funds to buy Microsoft while stressing he remains very bullish on Alphabet for the long term.
- Ackman said he established the Microsoft position at about 21 times forward earnings and cited Azure, Microsoft 365’s Copilot rollout and the company’s OpenAI stake and capex plan as drivers of future growth.
- 13F filings report holdings as of March 31 and do not show trades after quarter end, and Reuters cited a person saying Pershing Square sold the remaining Alphabet shares in Q2.
- The move highlights a split among big investors over which platforms will win in AI and cloud, and it could shift capital toward hyperscalers such as Microsoft and Amazon while making Q2 filings and stock flows important to watch next.