Bill Ackman and Pershing Square Capital (NYSE:PS) have unveiled their portfolio for the second quarter, which includes several new stocks added. The quarter also included major changes to Ackman’s growing bets on the Magnificent Seven stocks.
Bill Ackman Keeps Betting on Magnificent Seven
Since 2023, the Pershing Square USA (NYSE:PSUS) investment portfolio, now publicly traded under the ticker PSUS, has been adding Magnificent Seven stocks to its investment ideas.
This started with Alphabet Inc (NASDAQ:GOOGL)(NASDAQ:GOOGL) in 2023, with Amazon.com Inc (NASDAQ:AMZN) added in early 2025, Meta Platforms (NASDAQ:META) added in late 2025 and Microsoft Corporation (NASDAQ:MSFT) stock bought in early 2026.
Over time, Ackman’s bets have shifted in order and preference, and the latest 13F filing shows some profit-taking and new upsized bets being made.
Ackman sold out of Alphabet stock completely in the second quarter, following cuts to positions in both Class A and Class C shares in recent quarters.
The hedge funder also cut its position in Amazon stock by 25% in the second quarter, after the position had increased by 19% in the first quarter. The position was increased by 65% in the fourth quarter of 2025.
The newest Magnificent Seven positions saw the biggest increases in the second quarter. The Meta position grew by 20.1%, while the Microsoft position grew by 9.8%.
At the end of the quarter, three of the Magnificent Seven stocks were in the top 10:
- Microsoft: $2.32 billion, third by assets
- Amazon: $2.04 billion, fourth by assets
- Meta: $1.80 billion, seventh by assets
While these were the top 10 rankings by asset sizes, investors could also get a sense of Ackman’s rankings of the stocks by recent moves, which would look something more like:
- Microsoft
- Meta
- Amazon
This comes with Amazon being sold in the recent quarter, with Microsoft and Meta seeing sizable increases in their bet sizes.
Ackman’s Belief in Magnificent Seven Stocks
Over the last three years, some of the biggest bets by Pershing Square have been Magnificent Seven stocks. The recent sale of Alphabet stock comes with the stock being the top-performing stock of the group in 2025 and with shares up 9% year-to-date in 2026.
While Ackman has traded four of the Magnificent Seven stocks in recent years, he has avoided investing in Nvidia Corporation (NASDAQ:NVDA), Tesla Inc (NASDAQ:TSLA) and Apple Inc (NASDAQ:AAPL).
The positions in Meta and Microsoft could continue to grow and be longer-term bets by Ackman, based on the reasons he cited when unveiling the new purchases.
"We believe Meta’s current share price underappreciates the company’s long-term upside potential from AI and represents a deeply discounted valuation for one of the world’s greatest businesses," Pershing Square said in an investment presentation last year. Meta is a "leader in the fast-growing digital advertising space and one of the clearest beneficiaries of AI integration," it added.
The presentation highlighted Meta’s 3.5 billion daily active users and a growing user base. An experienced leadership team and the company’s stock multiples are also highlighted as reasons to be bullish going forward.
Ackman called Microsoft a "core holding" when it was added to the Pershing Square investment portfolio earlier this year.
“Microsoft operates two of the most valuable franchises in enterprise technology, which account for approximately 70% of the company’s overall profits: M365 and Azure.”
Ackman highlighted the large customer base of 450 million people who use Word, Excel, PowerPoint, Outlook, and Teams on a daily basis, all units of M365. For Azure, Ackman said the unit is the world’s second-largest hyperscaler cloud platform, trailing only Amazon.com’s AWS.
“Both M365 and Azure are underpinned by Microsoft’s unparalleled enterprise distribution and the security, compliance, and identity infrastructure it has built and refined over decades.”
The investor also believes that Microsoft’s stock price may not reflect the company’s estimated 27% ownership stake in OpenAI, which Ackman estimates is worth $200 billion based on recent valuations.
For both Meta and Microsoft, the bets were done based on several reasons, but also from a valuation standpoint.
Microsoft stock is up 2.5% year-to-date in 2026, while Meta stock is down 10.8% year-to-date in 2026.
Ackman is likely to keep these stakes and potentially double down until they turn around and produce stronger returns going forward.
Amazon remains the wild card: will Ackman keep cutting slowly, exit the position completely, or maintain shares as a potential smaller Magnificent Seven bet going forward?
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