Since the end of September 2025, Bill Ackman’s Pershing Square Capital Management has seen an approximately $2.04 billion unrealized gain on its combined Alphabet Class C and Class A share positions. As of the third-quarter 13F filing, the fund held 6.32 million Class C shares valued at $1.54 billion and 4.84 million Class A shares valued at $1.18 billion. In the four months that followed, those stakes appreciated to roughly $2.09 billion and $1.60 billion respectively, driven by Alphabet shares setting new all-time highs in both December and January. Ackman first established his position in Q1 2023, purchasing more than 10 million shares when the stock traded between the mid-$80s and just above $100, and those holdings have now appreciated between 203% and 289% since initial purchase. Notably, Pershing Square trimmed 10% of its Class A position in Q3 2025—reducing its stake by just over half a million shares—potentially foregoing additional upside from the subsequent rally. Investors will be watching the upcoming 13F filing to see whether Ackman further adjusts his Alphabet exposure in the fourth quarter.

Alphabet’s investment in its Gemini generative AI platform and the Universal Commerce Protocol (UCP) positions the company to disrupt e-commerce through so-called agentic shopping. With UCP, AI agents can access up-to-date product catalogs directly from major retailers and independent merchants—integrating seamlessly into search results and AI interfaces without risk of data hallucinations. Early pilots with leading brands and integration into Google Shopping underscore Alphabet’s first-mover advantage. Industry forecasts from Morgan Stanley project the agentic shopping market could reach $385 billion in U.S. e-commerce sales by 2030, and Alphabet’s existing reach across search, mobile, cloud and merchant partnerships gives it the infrastructure and data scale to capture a significant share. Although consumer adoption timelines remain uncertain, the low-risk expansion of Gemini into shopping experiences could add a meaningful new growth driver to Alphabet’s core advertising and cloud franchises over the coming years.