Billionaire investor Bill Ackman’s Pershing Square Capital Management has realized approximately $2.04 billion in combined gains on its Alphabet Class A and Class C share positions since the end of Q3 2025. As of Sept. 30, Pershing held 6.32 million Class C shares and 4.84 million Class A shares, reflecting a 10% trim of its Class A stake during that quarter. Based on share prices in mid‐January, the fund’s Alphabet positions appreciated from $2.72 billion at the end of Q3 to about $3.69 billion, marking a 75% rise in market value over four months and underscoring Ackman’s conviction in Alphabet’s long‐term growth trajectory.

U.S. District Judge Rita F. Lin refused to dismiss key Sherman Act and California Unfair Competition Law claims in a proposed class action alleging that Google violated antitrust laws through exclusive default‐search agreements with device makers and browser developers. The plaintiffs contend that pre-set defaults on major operating systems and browsers foreclosed rival search engines from capturing critical user queries, ad demand and data, inflicting consumer harm. The court found the alleged conduct plausible, citing rival services that offer privacy or reward features, and held that damages need not be dismissed as too complex at the pleading stage. Claims tied to fraudulent concealment were trimmed with leave to amend by Feb. 20, while the core monopolization and unjust enrichment allegations remain intact.

Analysts forecast that Alphabet will report Q4 2025 revenue of $111.4 billion, up 15.5% year-over-year, with EPS of $2.64, a 23% increase versus Q4 2024. Growth expectations rest on three pillars: deepening integration of the Gemini AI model into Search and Workspace, which has driven a step-change in user engagement metrics; Google Cloud’s 34% revenue gain in Q3 alongside margin expansion from 17% to 24%, supported by robust enterprise AI infrastructure demand; and sustained double-digit growth in core advertising, buoyed by resilient ad spend across Search and YouTube. Investors are watching for commentary on AI monetization paths and capital spending guidance, with potential upside if results exceed consensus and management reiterates its commitment to AI-driven investments.