Amazon still made up about 10% of Pershing Square’s reported assets after the fund trimmed roughly a quarter of its position in Q2, leaving it as the firm’s fourth-largest holding.
Pershing Square’s August investor update said Amazon can grow earnings by more than 20% annually, driven by AI demand in AWS and continued e-commerce expansion.
AWS growth accelerated to 37% in the latest quarter from 17% in Q2 2025, while Amazon’s total revenue rose 20% and operating income jumped 43% to $27 billion.
Ackman had begun selling Alphabet in late 2025 and said in May he used some proceeds to fund a new Microsoft position, while still arguing Amazon offers a long growth runway.
Amazon’s heavy data-center spending pushed Q2 free cash flow to negative $8.8 billion, but Pershing Square says AI inference demand should absorb new capacity and generate attractive returns over time.