Bill Ackman's Pershing Square Capital Management began selling Alphabet (Google) in Q4 2025 and acquired a new position in Microsoft. The firm's mid-year update in August reiterated its expectation for Amazon to achieve over 20% annual earnings growth, driven by AI opportunities and continued e-commerce expansion. Amazon Web Services (AWS) revenue growth accelerated to 37% in the most recent quarter, its fastest pace in over four years, supporting Ackman's investment thesis. Amazon now accounts for about 10% of Pershing Square's reported assets.