Bill Ackman’s Pershing Square fund raised its Amazon stake by 65% in Q4, increasing its exposure to the e-commerce giant and signaling strong institutional confidence in its growth prospects.

Amazon joined other major tech firms in implementing AI-driven layoffs to reduce payroll costs, which account for roughly two-thirds of operating expenses, aiming to lift profit margins amid rising automation.

Walmart launched a same-day delivery trial using store back rooms to challenge Amazon’s logistics lead, while Amazon shares rebounded 18% in April after an 8% Q1 drop, with analysts revising targets ahead of its April 29 earnings report.