Key Stock Moves in Q1
During the first quarter of 2023, several major hedge funds increased their stakes in Amazon (NASDAQ: AMZN). Notably, David Tepper’s Appaloosa Management nearly doubled its stake, making Amazon the fund’s largest position. Bill Ackman’s Pershing Square Capital Management added almost 2 million shares, while Larry Robbins at Glenview Capital Management positioned Amazon as the fourth-largest investment in his portfolio, holding a 6% stake.
Amazon’s share price surged approximately 30% since March 31, when these funds declared their holdings. Despite the rise, Amazon’s cloud computing arm, Amazon Web Services (AWS), saw a 28% increase in revenue year-over-year in Q1, contributing to 59% of the company’s total operating profits. Amazon plans to invest $200 billion in data centers this year, bolstering its infrastructure to meet AI demands.
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