Billionaire Investor Bill Ackman Just Sold Alphabet and Piled Into Another Tech Stock That's Up 65,100% Since Its IPO

The article explains that Bill Ackman’s Pershing Square sold its remaining Alphabet stake in Q2 after a strong run, despite being long-term bullish on Google’s business and AI efforts. Ackman said Alphabet was used as a funding source for Microsoft when capital was limited. The main investment shift was into Netflix, where Pershing bought more than 13 million shares worth over $934 million, making it nearly 5% of the portfolio. The thesis is that Netflix has been overly punished by worries about engagement declines, short-form video competition, and AI-generated video, while Pershing believes these threats are overstated. The article argues Netflix’s large subscriber base, content amortization, and potential AI benefits in recommendations and ad targeting support the stock’s risk-reward profile. Market-wise, the piece is bullish on Netflix and highlights continued investor interest in mega-cap tech rotation and AI-adjacent winners.