The number of hedge funds holding Amazon rose to 381 from 332, pushing combined positions to $88.7 billion, up from $73.35 billion. In contrast, insiders sold $13 billion in shares during the last week of February, ahead of strong Q4 results and a planned $21 billion investment in Spanish data centers and AI infrastructure. Amazon Web Services continues to benefit from enterprise cloud migration and surging demand for AI infrastructure, while the global e-commerce platform maintains strong category-defining growth. These secular trends underpin institutional optimism and support Amazon’s long-term valuation case. Pershing Square increased its Amazon stake by 3.78 million shares during Q4 2025, bringing its total holdings to 9.61 million shares valued at over $2.22 billion. This makes Amazon the fund’s third-largest position, following an initial investment established in April 2025 amid tariff-driven volatility.