Wall Street Billionaires Make Amazon Their Top AI Trade

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Several of Wall Street’s most-watched billionaires converged on a single conviction trade in their Q1 2026 13F filings. Bill Ackman, David Tepper, and other managers each boosted their stakes in Amazon (AMZN). The disclosures show the e-commerce and cloud platform topping multiple hedge fund books. Amazon emerged as the most repeated overweight name across major filings. Ackman and Tepper Lead the Amazon Add Pershing Square added 1.84 million Amazon shares in the first quarter. The buy lifted Ackman’s position by roughly 19%, according to the fund’s filing. Amazon now sits among its largest disclosed holdings alongside Brookfield, Uber, and a newly initiated Microsoft stake. David Tepper’s Appaloosa Management nearly doubled its Amazon position during the quarter. The 98% increase made the stock the firm’s largest disclosed equity holding, valued at roughly $900 million. The fund also boosted Uber by 242% and added to Taiwan Semiconductor while trimming Nvidia, Alphabet, and Alibaba. Hedge funds run by Daniel Loeb, Seth Klarman, and Chase Coleman also list Amazon among their top US holdings. The overlap reinforces a shared positioning theme. Amazon’s appeal rests on resilient e-commerce cash flow, AWS cloud demand tied to AI buildouts, and accelerating digital ad revenue. AI and Quality Names Anchor the Rest Beyond Amazon, the filings show a broader tilt toward AI-adjacent platforms and durable compounders. Tepper, Coleman, and Loeb hold Alphabet, Nvidia, Meta Platforms, and Taiwan Semiconductor. Warren Buffett’s Berkshire Hathaway made an outsized purchase of Alphabet and trimmed its Bank of America stake. Bill Gates and Chris Hohn cluster in industrials, railways, and quality payments names like Visa. The 13F snapshots lag by 45 days. They also exclude options, short positions, and non-US holdings, so consensus reads should be paired with live price action. Notwithstanding, the Amazon trade persisting into Q2 hinges on cloud capex guidance and advertising trends. The broader rotation between AI growth and value names also matters.

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