According to Pershing Square’s latest 13F filing for Q3 2025, Bill Ackman’s fund held 6.32 million Class C shares and 4.84 million Class A shares of Alphabet. After trimming 10 percent of its Class A position, the remaining stake has appreciated by approximately $2.04 billion since September, driven by new all-time highs in December and January. Ackman originally built his position in Q1 2023 when shares traded in the $85–109 range, meaning his remaining shares have gained between 204 percent and 290 percent. This performance underscores a successful value play on Alphabet’s core search and advertising strength, and serves as a barometer for institutional confidence in the company’s long-term growth trajectory.

Building on its Gemini AI platform, Alphabet is integrating agent-driven shopping experiences into Google Search and the Shopping tab, leveraging the Universal Commerce Protocol to reduce hallucination risk. Morgan Stanley projects U.S. agent-driven e-commerce sales could reach $385 billion by 2030, offering Alphabet a potentially significant new ad channel. By using AI agents to scour retail inventories, compare prices, and facilitate zero-click transactions, Google aims to capture impulse purchases and siphon off queries that might otherwise go to competitors. Investors are watching adoption closely as a successful rollout could materially boost Alphabet’s advertising division, which remains its largest revenue driver.

Wall Street consensus anticipates Alphabet will report fourth-quarter revenue growth of about 15 percent and a 24 percent increase in EPS when results are announced on February 4. Key drivers include continued strength in legacy search and YouTube ads, a Google Cloud division growing revenue at 34 percent with improving operating margins (now at 24 percent versus 17 percent a year ago), and deeper integration of Gemini across Google services. Raymond James has upgraded its rating to “Strong Buy,” forecasting cloud revenue growth of 44 percent in 2026 and 36 percent in 2027, and setting a 12-month price target implying an 18 percent upside. A beat and bullish guidance could catalyze further multiple expansion for Alphabet shares.