PSCM Exits Alphabet After 2023 Bet, Redirecting Capital From a Stock Up 65,100%
Updated
Updated · Yahoo Finance · Aug 18
PSCM Exits Alphabet After 2023 Bet, Redirecting Capital From a Stock Up 65,100%
3 articles · Updated · Yahoo Finance · Aug 18
Summary
Pershing Square Capital Management sold its remaining Alphabet shares in the second quarter, completing an exit after trimming most of the position in the first quarter.
The sale followed a strong run since PSCM first bought Alphabet in early 2023, when investors were still debating how AI would affect Google’s search business.
Alphabet had since rolled out AI Overviews in search and expanded its Gemini models, while also navigating a DOJ antitrust case over its digital advertising business.
A federal judge found Google had acted monopolistically in that case but stopped short of forcing a Chrome divestiture and allowed payments to Apple to keep Google as Safari’s default search engine.
PSCM, which typically runs a concentrated 10-to-12-stock portfolio, recently raised another $5 billion through Pershing Square USA and related vehicles and is already redeploying that capital.