Bill Ackman 的 Pershing Square 已在 Microsoft 建立了 21 亿美元的持股，利用股价下跌买入 Ackman 所说比市场所认知更强韧、也更具韧性的业务。他表示，Microsoft 的 365 套件，包括 Word 和 Excel，以及其 Azure 云端部门，是「企业科技中最有价值的两大业务之一」，并将这笔部位形容为核心持股。这笔持股不到 Microsoft 市值的 0.1%，而 Ackman 的净资产估计为 125 亿美元。

Ackman 也表示他已卖出 Google，指的是 Alphabet，不过他没有说明那是新的卖出，或 Pershing Square 剩余核心持股中卖出了多少。Bloomberg 汇编的申报文件显示，Pershing 在 12 月就已卖出约 410 万股，当时只剩略多于 678,000 股。Ackman 表示，这次卖出并非看空 Alphabet，而是因为 Pershing 的资本基础有限，将其作为买入 Microsoft 的资金来源；但他重申，从长期来看他仍非常看好 Alphabet。

Microsoft 股价周五上涨 3.1%，创 1 个月来最佳表现，而 Alphabet 下跌 1.1%；Microsoft 股价今年至今仍下跌约 13%。Ackman 认为，外界对 Copilot 采用、Microsoft 365 的持久性，以及云端容量限制的担忧被过度夸大，并表示 Azure 需求依然强劲。他也强调 Microsoft 的其他资产，包括 LinkedIn 和 Xbox，并将 4 月的 OpenAI 重组描述为朝向更开放的多模型架构迈进；Pershing 更广泛的大型科技投资组合也包括 Amazon 和 Meta，其中 Meta 今年下跌 7%，Amazon 上涨 14%。

Bill Ackman’s Pershing Square has built a $2.1 billion stake in Microsoft, using a decline in the share price to buy into what Ackman says is a stronger and more resilient business than the market recognizes. He said Microsoft’s 365 suite, including Word and Excel, and its Azure cloud unit are “two of the most valuable franchises in enterprise technology,” and described the position as a core holding. The stake is less than 0.1% of Microsoft’s market value, while Ackman’s net worth is estimated at $12.5 billion.

Ackman also said he had sold Google, referring to Alphabet, though he did not specify whether that was a new sale or how much of Pershing Square’s remaining core holding was sold. Bloomberg-compiled filings showed Pershing had already sold about 4.1 million shares in December, leaving a little more than 678,000 shares at that time. Ackman said the sale was not a bet against Alphabet, but rather a source of funds for Microsoft given Pershing’s finite capital base, while he reiterated he remains very bullish on Alphabet long term.

Microsoft shares rose 3.1% on Friday, the best performance in 1 month, while Alphabet fell 1.1%; Microsoft stock is still down about 13% this year. Ackman argued that concerns about Copilot adoption, the durability of Microsoft 365, and cloud-capacity constraints are overstated, and said Azure demand remains strong. He also highlighted Microsoft’s other assets, including LinkedIn and Xbox, and framed the April OpenAI restructuring as a move toward a more open multi-model architecture; Pershing’s broader big-tech portfolio also includes Amazon and Meta, with Meta down 7% this year and Amazon up 14%.