Bill Ackman is making waves again. His Pershing Square Capital Management revealed its latest holdings in a second-quarter 13F filing with the SEC on Thursday, showing a clear tilt toward Big Tech. The firm’s only new buy during the quarter was Amazon.com (AMZN), and it also boosted its position in another Magnificent Seven name, Alphabet (GOOGL).
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Amazon Joins Pershing’s Top Five Holdings
Pershing Square bought 5.82 million-share stake in Amazon during Q2, valued at roughly $1.3 billion. The e-commerce giant now ranks as Pershing’s fourth-largest position, accounting for 9.3% of the portfolio.
In its Q2 2025 earnings report, Amazon delivered better-than-expected revenue and earnings, but its guidance and growth in the Amazon Web Services (AWS) cloud division left some investors underwhelmed. Still, the company is looking ahead with optimism, ramping up AI-related spending, particularly on infrastructure, to meet growing demand for artificial intelligence.
Amazon’s stock has rebounded after sliding earlier this year on April 2, when President Donald Trump announced sweeping tariffs. Shares are now up 5.3% year to date.
What Is the Price Target for Amazon Stock?
Overall, Amazon stock earns a Strong Buy consensus rating on TipRanks. The average AMZN stock price target of $264.21 implies 23.6% upside potential from current levels.
Alphabet Stock Gets a Boost
Alongside the Amazon buy, Ackman increased Pershing’s stake in Alphabet Class A shares by 21% in Q2. When combined with the fund’s holdings in Alphabet Class C shares, Google’s parent company becomes Pershing’s third-largest investment.
These moves reflect a broader hedge fund shift toward doubling down on the Magnificent Seven amid the AI boom. With the addition of Amazon and the expanded Alphabet position, Pershing’s exposure to this elite group of tech giants now exceeds 24% of the total portfolio.
Is Alphabet Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Alphabet is Strong Buy, based on 27 Buy and nine Hold ratings over the past three months. With that comes an average GOOGL stock price target of $217.25, representing a potential 7.05% upside for the shares.
See more GOOGL stock analyst ratings
Other Portfolio Adjustments in Q2
Beyond the two Magnificent Seven stocks, Pershing increased its stakes in Hertz Global Holdings (HTZ) by 2% and Hilton Worldwide (HLT) by 1%. The firm also made an increase of less than 1% in Brookfield Corporation (BN). Its position in Uber Technologies (UBER) was unchanged, with the ride-hailing company remaining Pershing’s largest holding.