45% of Billionaire Bill Ackman's Portfolio Is Invested in 2 Trillion-Dollar Artificial Intelligence (AI) Stocks and a Company Whose Addressable Market Can 10X by 2033

Core Insights - Activist investor Bill Ackman of Pershing Square Capital Management has concentrated his fund into three major companies: Uber Technologies, Alphabet, and Amazon, which together account for over 45% of his invested assets [5][12][17] Group 1: Uber Technologies - Uber Technologies represents 21% of Ackman's invested assets, making it the largest holding in his portfolio [5] - The global ride-sharing market is projected to grow from $87.7 billion in 2025 to over $918 billion by 2033, indicating a compound annual growth rate of 21% [7] - Uber has maintained a dominant market share in the U.S. ride-share market, fluctuating between 68% and 76% from September 2017 to March 2024 [8] - Uber's business model has evolved from unprofitability to generating significant cash flow, aided by its operations in food delivery and freight logistics [9] - Despite its strengths, Uber's valuation is a concern, with a price-to-sales (P/S) ratio of 4.1, suggesting it may need to increase its global market share to justify this premium [10] Group 2: Alphabet - Alphabet accounts for 15.1% of Ackman's invested assets, with significant investments in both Class A and Class C shares [12] - The company relies heavily on advertising, with its Google search engine commanding 89% to 93% of the global internet search market share [13] - Alphabet's Google Cloud is a key growth driver, with sales increasing by 32% year-over-year, achieving an annual revenue run-rate of over $54 billion [14] - The integration of generative AI solutions into Google Cloud is expected to sustain its growth trajectory [15] - Alphabet's shares are currently valued at 22 times forward-year earnings, which is considered reasonable given its growth rate and cash flow [16] Group 3: Amazon - Amazon constitutes 9.3% of Ackman's invested assets and is recognized for its e-commerce platform and AWS [17] - AWS leads the global cloud infrastructure market, accounting for 32% of worldwide spending, significantly outpacing Google Cloud [19] - AWS has an annual sales run-rate exceeding $123 billion and is focusing on generative AI to enhance its offerings [19] - Amazon's subscription services and advertising segments are also experiencing growth, with advertising services growing around 20% year-over-year [20] - Amazon's stock is currently trading at a historically low cash flow multiple of 12.6 times consensus cash flow per share for 2026, attracting investor interest [21]