Key Points
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Billionaire Bill Ackman opened a significant position in Amazon in Q2 2023 and increased his stake in Alphabet.
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Amazon’s e-commerce and cloud services are leveraging AI to enhance efficiency and growth.
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Alphabet’s Google Search and Cloud services exhibit strong revenue growth, aided by AI advancements.
Billionaire Bill Ackman’s hedge fund, Pershing Square Capital, established a new position in Amazon (NASDAQ: AMZN) during Q2 2023, acquiring 5.8 million shares, making it the fund’s fifth-largest holding at 9.3% of its total value. Concurrently, Ackman increased his investment in Alphabet (NASDAQ: GOOGL) by acquiring an additional 925,000 shares, raising his total stake to approximately 10.8 million shares, or 15% of the fund’s value.
Amazon’s innovative use of AI is revolutionizing its logistics and advertising segments, resulting in an 8% revenue increase in North America and a 16% operating income rise. In Q2, Amazon Web Services (AWS) reported revenues of $30.9 billion, a 17.5% increase. On the other hand, Alphabet’s Google Search saw a 12% revenue growth, totaling $54.2 billion. Google Cloud’s revenue surged by 32% in the same period, demonstrating both companies’ effective leverage of AI technologies.
