Bill Ackman's Pershing Square Made Microsoft Its Largest AI Holding by Selling Alphabet. Here's the Thesis Behind the Switch.

Bill Ackman's Pershing Square Capital Management has made Microsoft its largest AI holding by selling its entire Alphabet stake and trimming Amazon while adding 553,000 Microsoft shares. Microsoft's $2.3 billion position now represents 11.9% of the portfolio. The move reflects Microsoft's strong fundamentals: 18% revenue growth to $90 billion, $100 billion in Azure annual revenue, and critically, $19.6 billion in positive free cash flow—unlike competitors Alphabet and Amazon which posted negative FCF.