Bill Ackman has concentrated roughly 38% of Pershing Square Capital Management's $15 billion stock portfolio in three artificial intelligence heavyweights: Alphabet, Amazon and Meta Platforms.
The positions, worth a combined $5.9 billion at the end of 2025, represent a decisive pivot towards AI infrastructure for a fund historically associated with consumer brands such as Chipotle and Hilton, both of which Ackman exited over the past year.
The timing of each entry is instructive.
Pershing Square first bought Alphabet in early 2023 at a forward price-to-earnings ratio of 16, when the stock was under pressure from concerns about competition from ChatGPT.
Amazon followed in April 2025 at a forward multiple of 25, and Meta was added in the fourth quarter of 2025 at a ratio of roughly 20, when its shares were down 16% over the prior year on fears that capital expenditure on AI had become excessive.
In each case, Ackman moved when sentiment was weakest.
Pershing Square increased its Amazon stake by 65% in the fourth quarter, making it an 11.8% position, while the new Meta holding was initiated at $1.8 billion, representing 9.4% of the portfolio.
Alphabet remains the largest of the three at roughly 13% of assets, though Ackman trimmed his Class A holding by 86% in the same quarter, rotating some of those gains into the newer positions.
The common thread is that all three companies are building proprietary AI silicon alongside their software and services businesses.
Alphabet develops tensor processing units with Broadcom to train and deploy its Gemini models, with planned capital expenditure of $175 billion to $185 billion in 2026.
Amazon deploys its custom Trainium and Inferentia chips through AWS, which reported $35.6 billion in quarterly revenue in the fourth quarter, growing 24% year on year.
Meta uses its open-source Llama models to power its Advantage+ advertising automation system, with $115 billion to $135 billion in planned capital expenditure this year.
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Ackman described Meta's share price as underappreciating the company's long-term upside from AI and representing "a deeply discounted valuation for one of the world's greatest businesses."
Despite the scale of their AI spending, all three companies generate enough operating cash flow to self-fund their investment programmes while continuing to return capital to shareholders.
The recap
- Ackman holds 38% of Pershing Square's stocks in three companies
- The portfolio totals $15 billion in publicly traded stocks
- Alphabet is pouring nearly $200 billion into AI capex this year
