Investment firm Pershing Square Capital Management LP, led by Bill Ackman, has revealed that it increased its position in Alphabet Inc. during the second quarter. According to recent disclosures, Pershing now owns 9.38 million shares of Alphabet’s Class C stock, up from 8.07 million shares in the previous quarter. However, its position of 2.19 million shares in Alphabet Class A remains unchanged.
During a previous earnings call, analysts at Pershing emphasized their belief in Alphabet, noting that fears surrounding artificial intelligence have overshadowed the high-quality nature of the company’s shares.
While Pershing Square bolstered its position in Alphabet, it decreased its stake in other companies during the second quarter. The investment firm reduced its holdings in Chipotle Mexican Grill Inc. to 953,608 shares from 1.03 million shares, and its stake in Lowe’s Cos. dropped to 7.47 million shares from 10.04 million.
In related news, renowned investor Seth Klarman has recently reentered the market with investments in Amazon and three other stocks. Likewise, George Soros has taken positions in AI chip makers Nvidia and AMD, while selling his shares in Salesforce and Snowflake.