Bill Ackman and David Tepper independently allocated more than 15% of their portfolios to Amazon in the first quarter of 2026, according to 13F filings. Ackman's Pershing Square held Amazon at roughly 17.4% of its portfolio, while Tepper's Appaloosa held it at roughly 15.2%, with Tepper nearly doubling his share count quarter-over-quarter. The moves came as Amazon reported first-quarter earnings per share of $2.78 versus a $1.73 estimate, revenue of $181.52 billion, and AWS growth of 28%, its fastest pace in 15 quarters. The company's custom silicon business crossed a $20 billion annual run rate with triple-digit growth, but capital expenditures hit $44.2 billion in the quarter and trailing free cash flow fell 95% to $1.2 billion. Shares traded around $231.13 on July 28, up nearly 11% since the March 31 filing date.
Amazon.com IncAmazon reported Q1 EPS of $2.78 vs $1.73 estimate, revenue of $181.52B, and AWS growth of 28%, driving portfolio allocations by Ackman and Tepper.
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