In recent quarters, a roster of money managers including David Tepper‘s Appaloosa Management, Seth Klarman’s Baupost Group, Al Gore’s Generation Investment Management, and Sanders Capital have been enlarging their stakes in the $2.5 trillion tech-and-retail giant. In Klarman and Tepper’s cases, the stock has become their single largest holding. Bill Ackman-led Pershing Square began amassing an Amazon stake from scratch about a year ago, and Pershing Square now counts Amazon as its second-largest position at about $2.4 billion. Global investment manager Sanders Capital, founded by former AllianceBernstein CEO Lewis Sanders, doubled its Amazon stake in the first quarter of 2026 to 29.8 million shares worth about $6.2 billion, making the stock its third-largest holding behind Taiwan Semiconductor and Alphabet, Fortune’s Amanda Gerut reports.
The reason? They smell value. While stock in nearly every other company with a claim on the AI boom has soared during the past 12 months—with Nvidia up 35%, Intel up 496%, and Micron Technology up 719%—Amazon’s stock gains have been relatively meager and haven’t yet caught up to the business results. Year-to-date, Amazon’s stock is up 3.4% and 10.1% for the past 12 months.
