According to the Zhitong Finance APP, legendary hedge fund figure Bill Ackman's Pershing Square Capital Management announced on Thursday that the company bought Amazon (AMZN.US) stock at an &#34;attractive&#34; price, calling it an &#34;outstanding franchise.&#34;
Pershing Square's Chief Investment Officer Ryan Israel stated during a conference call with analysts on Thursday that Amazon's stock plummeted over 30% earlier this year due to concerns over the artificial intelligence boom and U.S. tariffs, prompting Pershing Square to buy the stock.
Israel said, &#34;This is an extremely attractive time, as we believe Amazon can overcome any slowdown in its cloud business.&#34; He also added that Amazon is &#34;making steady progress&#34; and continues to achieve over 20% earnings per share growth.
Amazon CEO Andy Jassy stated at Wednesday's shareholder meeting that the online retailer has not seen any significant reduction in consumer spending or notable price increases following U.S. President Donald Trump's imposition of tariffs this year.
Investors are closely monitoring the earnings reports of U.S. retailers to gauge shoppers' and brands' reactions to the tariffs. Before Trump announced a 90-day suspension of tariffs for negotiations, the U.S. imposed tariffs of up to 145% on Chinese imports.
Amazon executives stated earlier this month that the company is preparing to navigate a potentially tougher business environment due to escalating tariffs.
Additionally, Pershing Square has increased its stake in car rental company Hertz (HTZ.US) and added U.S. ride-hailing giant Uber (UBER.US) to its portfolio.
Meanwhile, the company sold its shares in Canadian Pacific Railway (CP.US), with Ackman expressing that it was &#34;unfortunate&#34; to sell this portion of the stake, but adjustments were necessary to buy Amazon stock. He emphasized that he &#34;highly values the team at Canadian Pacific Railway&#34; and is &#34;confident in the company's long-term prospects.&#34;

AMZN

PineBridge Investments announced on Thursday that the company bought Amazon shares at a "very attractive" price and referred to it as an "excellent franchise."

- Hedge fund manager Bill Ackman's Pershing Square Capital Management announced the purchase of Amazon (AMZN.US) stock at an "attractive" price, calling it an "excellent franchise."  
- Chief Investment Officer Ryan Israel noted that Amazon's stock fell over 30% earlier this year due to concerns over artificial intelligence and U.S. tariffs, but he believes the company can overcome any slowdown in its cloud business.  
- Pershing Square also increased its stake in Hertz (HTZ.US) and added Uber (UBER.US) to its portfolio while selling shares of Canadian Pacific Railway (CP.US) to facilitate the Amazon investment.

Zhitong

Amazon

Amazon plummets 30% and becomes a "hot commodity" as hedge fund giant Ackman decisively buys the dip