Bill Ackman's $14 Billion Portfolio Strategy: Three Tech Giants Dominating His Latest Bets

A Different Approach to Value Investing

Billionaire investor Bill Ackman has long proven himself as a disciplined allocator of capital, favoring opportunities where market prices lag intrinsic value. His philosophy echoes principles championed by legendary investors, yet Ackman has carved his own path by embracing innovation alongside fundamentals. His Pershing Square Capital hedge fund recently placed $900 million into Howard Hughes Holdings, acquiring a 47% stake with ambitions to build a “modern-day Berkshire Hathaway” structure complete with insurance operations generating steady cash flows.

Yet the real insight into Ackman’s current conviction lies elsewhere. Nearly half of his $14 billion portfolio—precisely 45%—is now concentrated in three technology leaders. This concentration reveals how Ackman has evolved: he remains a value investor, but one unafraid to deploy capital into transformative sectors like artificial intelligence.

Amazon: The Foundation at 9% of Portfolio

Pershing Square initiated its Amazon position during the second quarter, acquiring 5.8 million shares valued at approximately $1.3 billion. This 9% allocation to Amazon (NASDAQ: AMZN) reflects Ackman’s confidence in the company’s structural advantages.

Amazon operates what Ackman describes as “category-defining franchises”—AWS and e-commerce retail. Both benefit from decades of secular tailwinds, commanding dominant market positions with substantial room for margin expansion. The financial performance supports this thesis. Q2 saw net sales reach $167.7 billion (+13% YoY), with earnings per share jumping 33% to $1.68.

What makes the entry point compelling? Amazon is leveraging AI across multiple vectors: Alexa+ (its generative AI voice assistant), e-commerce shopping agents, and workforce optimization through its 1 million-plus robot fleet. AWS customers now have simplified tools to build AI applications. Despite meaningful stock appreciation since Ackman’s purchase, the valuation remains attractive with a PEG ratio of 0.58—well below the 1.0 threshold signaling undervaluation.

Alphabet: The Growth Engine at 15%

Pershing Square held a Alphabet position dating to 2023 and added to it in Q2, citing “attractive valuation” as the catalyst. The fund now owns 6.3 million Class C shares and 5.4 million Class A shares, totaling $2 billion or 15% of equity holdings.

Alphabet (NASDAQ: GOOGL, GOOG) benefits from durable competitive advantages. Its search dominance, expansive consumer app ecosystem, and cloud infrastructure leadership create a fortress around core business. Management is “successfully executing on its vast AI potential,” according to Ackman’s assessment.

The numbers substantiate this view. Q2 revenue hit $96.4 billion (+14% YoY), generating $2.31 diluted EPS (+22%). Google Cloud accelerated meaningfully, growing 32% to $13.6 billion in revenue—putting its annualized run rate above $54 billion. A notable milestone: Alphabet signed as many $1 billion cloud deals in the first half of 2025 as it did throughout all of 2024, signaling accelerating enterprise adoption.

Ackman observes that despite “tremendous business momentum,” Alphabet trades at an attractive 26x earnings multiple—a discount for a business of its scale and growth trajectory.

Uber: The Largest Position at 21%

Bill Ackman made a bold statement in early 2025, deploying capital aggressively into Uber Technologies (NYSE: UBER), building Pershing Square’s largest tech stake. The fund accumulated 30+ million shares worth roughly $2.8 billion by Q2, representing 21% of the equity portfolio.

Uber’s competitive moat is substantial. The company controls 76% of the U.S. rideshare market (per Bloomberg data) while operating the nation’s second-largest food delivery platform. Cross-selling dynamics between mobility and food services create a powerful network effect, expanding the addressable market and customer lifetime value.

Ackman praised CEO Dara Khosrowshahi, noting he has transformed the company into “a highly profitable and cash-generative growth machine.” He characterized Uber as “one of the best-managed and highest quality businesses in the world.”

Q2 financial results validate this confidence. Revenue reached $12.7 billion (+18% YoY), driving diluted EPS to $0.63 (+34%). The operational engine fired on all cylinders: trips grew 18% to 3.3 billion, monthly active platform consumers rose 15%, and gross bookings climbed 17%.

Despite Uber’s recent stock run-up, the valuation remains rational at 16x earnings—compelling for a market leader with this growth profile and management quality.

The Investment Thesis

Bill Ackman’s concentration in these three positions reflects conviction that technology leaders trading at reasonable multiples still offer substantial return potential. Each company is experiencing secular tailwinds, occupies a dominant competitive position, and is navigating the AI transition strategically. By allocating 45% of his $14 billion fund to just three stocks, Ackman is signaling that the risk-reward in these specific franchises justifies meaningful portfolio weight—a calculated bet rather than speculative positioning.