Bill Ackman’s Pershing Square just dumped its entire Alphabet stake—yes, all of it—after buying in early 2023 amid AI uncertainty. But this isn’t a sign of doubt; it’s a strategic pivot to free up cash and reinvest in what he sees as the next big thing: Netflix. The fund snapped up over 13 million shares worth nearly $934 million, making it almost 5% of their portfolio. With Netflix’s stock down 50% from its peak, Ackman believes short-form video won’t hurt Netflix—and that AI could actually supercharge its content recommendations and ad targeting, especially as production costs soar. This bold move signals a shift from one tech titan to another, as Ackman hunts for the next high-growth opportunity.
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