Core Insights - Saudi Arabia's Public Investment Fund (PIF) has liquidated nearly 12 stocks listed in the U.S. during Q3, including Pinterest and Linde, reducing its U.S. equity holdings to the lowest level in a year [1] - The fund's U.S. stock portfolio value has decreased to $19.4 billion, representing an approximate 18% quarter-over-quarter decline, marking the lowest level since 2025 [1][2] - PIF continues to hold shares in Uber and Electronic Arts but has slightly reduced its stake in Lucid Group [1][3] Exits and Position Changes - Significant exits include: - Cummins: -1,095,578 shares, value change of -$358.80 million, with a price change of +29% [2] - Linde: -436,350 shares, value change of -$204.73 million, with a price change of +1.2% [2] - Air Products: -268,165 shares, value change of -$75.64 million, with a price change of -3.3% [2] - Avery Dennison: -231,662 shares, value change of -$40.65 million, with a price change of -7.6% [2] Top Holdings - PIF's major holdings in the U.S. include: - Uber: 72,840,541 shares valued at $7.14 billion, accounting for 3.5% of the portfolio [3] - Electronic Arts: 24,807,932 shares valued at $5.00 billion, accounting for 9.9% of the portfolio [3] - Lucid Group: 177,088,867 shares valued at $4.21 billion, accounting for 22% of the portfolio [3] - Take-Two Interactive: 11,414,680 shares valued at $2.95 billion, accounting for 6.2% of the portfolio [3] Strategic Focus - The recent divestments align with PIF's strategy to focus on domestic investments to support Saudi Arabia's economic diversification plan [2][4] - PIF aims to invest $70 billion post-2025, primarily within Saudi Arabia, with $57 billion already allocated for 2024 [5] - Further details on PIF's investment strategy for 2026-2030 are expected to be released early next year [5]

Core Viewpoint - Bill Ackman sees significant upside potential in his investments, particularly in Uber, Brookfield Corporation, and Alphabet, among others, due to their strong fundamentals and growth prospects [1][2]. Investment Strategy - Ackman focuses on high-quality businesses with strong cash flow and limited downside risk, often taking activist positions to unlock shareholder value [2][3]. Portfolio Overview - Pershing Square Capital Management holds shares in 15 large-cap companies, with 75% of its $15 billion stock portfolio concentrated in five key holdings [3]. Key Holdings - **Uber Technologies (19.6%)**: Ackman appreciates Uber's strong network effects, management quality, operational performance, and cash flow, expecting earnings per share to grow over 30% annually [4][5]. - **Brookfield Corporation (17.7%)**: Added to the portfolio in 2024, Brookfield is positioned for growth due to AI infrastructure demand and an aging population, potentially quadrupling its wealth solutions asset base to $600 billion [6][8]. - **Alphabet (14.4%)**: Ackman has invested in Alphabet due to its rapid AI integration and strong financial performance, including $100 billion in revenue and a 33% year-over-year profit growth [9][11]. - **Howard Hughes Holdings (13.4%)**: Ackman aims to transform Howard Hughes into a diversified holding company, increasing its stake to 47% and focusing on unlocking value from real estate assets [12][13]. - **Restaurant Brands (10.6%)**: The company is valued for its capital-light business model and plans to enhance sales through investments in Burger King and expansion in Tim Hortons [14][17].

Summary of Key Points Core Viewpoint The Public Investment Fund (PIF) has significantly reduced its holdings in US equities, indicating a strategic shift in investment focus. Group 1: PIF Holdings Overview - PIF's US equity holdings decreased to $19.4 billion in Q3 2025 from $23.8 billion in Q2 2025, marking a reduction of $4.4 billion [2] - The fund exited nine companies and all options contracts of 42 companies, while maintaining its investments in six firms [2] Group 2: Specific Company Holdings - Lucid Group's holdings remained at 177.1 million shares, with a value increase from $3.736 billion to $4.213 billion, a change of $476.3 million [4] - Electronic Arts maintained its holdings at 24.8 million shares, with a value increase from $3.962 billion to $5.004 billion, a change of $1.042 billion [4] - Uber's holdings remained at 72.8 million shares, with a value increase from $6.796 billion to $7.136 billion, a change of $340.2 million [4] - Take-Two Interactive's holdings remained at 11.4 million shares, with a value increase from $2.772 billion to $2.949 billion, a change of $177 million [4] - Clarivate's holdings remained at 1.3 million shares, with a value increase from $57.8 million to $68 million, a change of $10.2 million [6] Group 3: Notable Changes in Holdings - PIF exited its positions in several companies, including Air Products & Chemicals, Cummins Inc., Visa Inc., and Walmart, among others, indicating a strategic divestment [4][6] - Lucid Group executed a 1-for-10 reverse stock split in September 2025, reducing its authorized share capital from 15 billion shares to 1.5 billion shares [3][4]

Core Viewpoint - The AI sector is experiencing a debate over whether it is in a bubble, with many agreeing that top stocks appear expensive, leading to concerns about a potential correction in the tech market [1][2]. Group 1: Market Performance and Concerns - The AI trade has significantly contributed to market growth in 2025, but there are doubts about sustaining this momentum as the economy slows [2]. - The tech-heavy Nasdaq index has faced selling pressure due to concerns over valuations and a less favorable outlook for interest rate cuts [3]. - Sector leaders like Palantir, Tesla, and Nvidia have struggled recently, supporting the view that AI-driven momentum may be diminishing [4]. Group 2: Economic Indicators - Several indicators suggest a weakening economy, including declining consumer sentiment, rising job losses, and ongoing tariff concerns [4]. - Although GDP growth appears stable, there are signs of softening demand within the economy [4]. Group 3: Investment Strategies - As the AI trade shows signs of fragility, investment strategies are being considered to mitigate potential tech-driven losses [5]. - Compelling investment opportunities are identified outside of AI and tech, particularly in sectors that benefit from slowing growth or persistent inflation, such as gold, precious metals, utilities, energy, and certain real estate investments [6]. Group 4: Specific Stock Recommendations - Despite a cautious outlook on tech, there is optimism for Uber Technologies and Mercado Libre, which have shown strong performance in 2025, with Uber up 52% and Mercado Libre up 20% [7]. - Both companies are noted for having multiple growth drivers, providing them with significant potential for further gains [7]. Group 5: Investment Balance - Balance is emphasized as crucial for investors navigating the shifting AI trade and a weakening economy [8]. - Selectivity is advised, with a focus on balancing AI exposure with assets that generate steady cash flow and perform well in slower growth or higher volatility environments [9].

Core Insights - Pershing Square, led by Bill Ackman, has reduced its stake in Alphabet (GOOGL) and Uber (UBER) during the third quarter of 2025 [2] Company Actions - The fund disclosed its investment changes in its latest 13F filing for the three months ended September 30, 2025 [2]

Core Insights - Uber has initiated a pilot program for in-app video recording for drivers in India to deter misconduct, particularly in a market where dashcam usage is low [1][4] - The feature aims to provide drivers with evidence in disputes with riders, addressing concerns about false complaints that can lead to penalties or account suspensions [2][3] - The pilot is currently active in 10 cities across India, including major urban areas like Delhi, Mumbai, and Bengaluru [4] Implementation Details - The video recording feature began rolling out in phases in May and is now live in cities such as Chennai, Pune, Hyderabad, Chandigarh, Kolkata, Jaipur, and Lucknow [4] - Riders are notified when video recording is active during their trip [4] - All recordings are double-encrypted, stored on the device, and can only be accessed by users if they choose to share them as part of a safety report; recordings are deleted after a week if not shared [8] Historical Context - This video tool builds on Uber's previous in-app audio recording feature launched in India in 2023, and video recording was first tested in the U.S. in 2022 [10] - The feature is already available in Canada and Brazil, indicating a broader strategy for enhancing driver safety [10] Future Considerations - As the pilot expands, Uber must navigate the balance between resolving disputes and addressing privacy and surveillance concerns in a significant market [11] - The performance of the pilot in the coming months will influence decisions on wider rollout across India or to other regions [11]

Core Insights - Uber has introduced new travel-focused services aimed at winter travelers as the snow season approaches and airports begin to experience holiday congestion [1] Group 1 - The new services are designed to cater to the needs of travelers during the winter season [1] - The launch comes at a time when airports are already showing signs of increased congestion due to the upcoming holiday travel [1]

Uber is expanding the availability of its reserved rides option to include popular ski destinations, part of a larger effort to lure wealthy consumers toward more premium services https://t.co/QxZ3muUbY0 ...

Core Insights - Uber has launched a new service called Uber Ski, allowing users to book rides to and from nearly 40 ski mountains across the U.S., Canada, Switzerland, and France, available through March [1] Group 1: Service Details - The Uber Ski service is designed for the ski season, enabling users to easily access ski resorts [1] - Uber is collaborating with Vail Resorts, allowing riders to book an Uber Reserve directly to various mountain resort destinations [2] - Users can purchase an Epic Pass through the app, which provides access to over 90 ski and snowboarding resorts [2] Group 2: Booking Options - Riders have the option to reserve UberXL or UberXXL vehicles up to 90 days in advance, which offer more trunk space for ski gear [2]

Core Insights - The autonomous ride-hailing market is projected to be a $10 trillion opportunity, with Tesla's Cybercab expected to enter mass production in 2026 [1] - Uber is currently leading the ride-hailing market and has established partnerships with over 20 companies in the autonomous vehicle sector [2][3] - Uber's extensive infrastructure and experience in managing demand position it favorably for a seamless transition to autonomous vehicles [5][6] Company Positioning - Tesla is developing a ride-hailing network for its Cybercab, but may be lagging behind Uber in the autonomous space [2] - Uber operates the largest ride-hailing network globally, with 189 million monthly users, showcasing its unmatched scale [4] - Uber's 15 years of infrastructure development allows it to efficiently manage supply and demand, crucial for a successful ride-hailing service [5] Autonomous Vehicle Development - Uber's transition to autonomous vehicles is expected to be smooth due to its existing platform, while Tesla faces challenges in achieving similar scale [6] - Partnerships with companies like Waymo, which completes over 250,000 autonomous trips monthly, enhance Uber's capabilities [7] Financial Performance - In Q3 2025, Uber reported gross bookings of $49.7 billion, with human drivers earning $22 billion, leading to $13.4 billion in actual revenue [10][11] - The shift to autonomous vehicles is anticipated to significantly boost Uber's financial results as they replace human drivers [11] Valuation Comparison - Uber's price-to-sales (P/S) ratio is around 4, significantly lower than Tesla's 16.4, despite Uber's higher revenue growth rate of 20% compared to Tesla's 12% [12] - Tesla's price-to-earnings (P/E) ratio stands at 298, making it much more expensive than the Nasdaq-100 index [14] - Given the valuation differences and market positioning, Uber appears to be a more attractive investment compared to Tesla in the context of the autonomous ride-hailing opportunity [15]