During the first quarter of 2025, Pershing Square Capital Management trimmed its Alphabet holdings by 95%, marking one of its most significant single-asset sales. The fund retained approximately 5% of its previous position, executing the sale as part of a broader portfolio rebalancing strategy.

Proceeds from the Alphabet sale were redeployed into Microsoft and Amazon, with Ackman targeting attractive entry points after a sector-wide software selloff and accelerated cloud adoption at AWS. The reallocation reflects a tactical shift toward businesses benefitting from artificial intelligence integration and large-scale infrastructure growth.

Despite the sizable reduction, Ackman has publicly reiterated a bullish stance on Alphabet’s future, praising its core advertising business and AI research capabilities. He views the current valuation as elevated but believes sustained innovation and diversified revenue streams will drive long-term shareholder value.