Pansing Square: In Q2, they cleared out Alphabet, then did a reverse bet to buy Microsoft at the bottom—old-school investors’ consensus is shifting toward Azure + Copilot.

AIMPACT states that Ackman's Pershing Square increased its holdings after Microsoft's stock price declined and has already liquidated Alphabet in Q2. Ackman believes Microsoft's valuation is attractive and that its growth is centered around enterprise AI applications such as Azure Cloud, M365, and Copilot.