Pershing Square adds Microsoft and keeps Amazon as top holding
Pershing Square’s mid-year update reiterates expectations that Amazon can grow earnings by more than 20% annually, driven by AI opportunities and ongoing e-commerce gains. Although it sold about a quarter of its Amazon stake in Q2, the holding still represents roughly 10% of reported assets and remains the fourth-largest. AWS revenue grew 17% YoY in Q2 2025, while Amazon revenue rose 20% and operating income jumped 43% to $27 billion, supported by robotics and improved retail inventory management.