Bill Ackman concentrates $15B in 3 AI stocks

Bill Ackman’s hedge fund is making an unusually tight bet on three Big Tech companies tied to artificial intelligence: Amazon, Alphabet and Meta. (13f.info) (fool.com) Pershing Square Capital Management reported 11 U.S. stock positions worth $15.53 billion as of December 31, 2025, in its latest 13F filing dated February 17, 2026. Amazon accounted for $2.22 billion, Alphabet’s GOOG and GOOGL shares for about $2.15 billion combined, and Meta for $1.76 billion. (13f.info) Together, those three positions represented about 39% of the disclosed portfolio, based on the filing’s market values. The same filing shows Pershing Square’s largest holding was Brookfield at $2.82 billion, followed by Uber at $2.47 billion. (13f.info) A 13F is a quarterly snapshot of U.S.-listed holdings that large money managers must file with the Securities and Exchange Commission. It shows what a fund owned at quarter-end, but not whether positions changed after December 31. (sec.gov) Ackman has long run a concentrated portfolio, and the Q4 filing shows he added to Amazon and initiated a Meta stake during the quarter. The filing data also shows he trimmed Alphabet’s Class C shares and sharply reduced Alphabet’s Class A shares. (13f.info) (13fai.com) The timing puts extra focus on the next earnings cycle. Alphabet said it will report first-quarter 2026 results on Wednesday, April 29, at 4:30 p.m. Eastern, and Amazon said its call is set for the same day at 5:30 p.m. Eastern. (abc.xyz) (aboutamazon.com) Those reports are being watched for the same reason Ackman owns the stocks: each company is spending heavily to build or sell AI infrastructure. Alphabet has been pushing Gemini and custom Tensor Processing Units, Amazon is expanding Amazon Web Services AI offerings, and Meta has been building new AI-optimized data center capacity and custom silicon partnerships. (fool.com) (about.fb.com) Morningstar said on April 22 that “anything-but-AI” sentiment had driven a first-quarter 2026 selloff in many AI-linked stocks before a recovery. Its analysts still listed Meta among AI names they viewed as undervalued as of April 20. (morningstar.com) For Pershing Square, that means the upside and the risk are both concentrated. If cloud demand, digital advertising or AI capital spending trends shift when Amazon and Alphabet report this week, a large part of Ackman’s disclosed equity book will move with them. (13f.info) (abc.xyz) (aboutamazon.com)