Ackman’s Pershing Square Pivots Heavily Toward AI with Major Amazon and Meta Stakes

Pershing Square Capital Management has aggressively expanded its footprint in the AI sector, according to recent portfolio disclosures. The hedge fund increased its stake in Amazon (AMZN) by 65% during the fourth quarter of 2025, while simultaneously establishing a massive new position in Meta Platforms (META). These moves reflect Bill Ackman's highly concentrated investment philosophy. Pershing Square currently holds only 12 stocks, with approximately 39% of the total portfolio now dedicated to companies driving the artificial intelligence revolution. The increased investment in Amazon is driven by expectations of improved e-commerce margins through automation and advertising. More critically, Ackman anticipates that Amazon Web Services (AWS) will successfully monetize its extensive infrastructure investments as enterprise AI inference workloads scale. The fund's entry into Meta involved the purchase of 2.7 million shares, valued at approximately $1.8 billion. This position now accounts for 11.4% of Pershing Square's total assets. Ackman cited a discounted valuation relative to the long-term upside of Meta's AI capabilities and its dominant advertising engine, which serves 3.58 billion daily active users. The concentration in these two mega-cap tech leaders suggests a conviction that the AI trade is shifting toward platforms capable of deploying AI at scale to massive user bases. Additionally, the fund's interest in Amazon extends to its satellite internet ambitions via Leo and plans involving Globalstar (GSAT).