저자: 미상 · 외국인
요약 보기
사상 최고치 증시에서도 AI 호황은 버블이 아니라 생산성 붐이라고 주장. 애크먼의 Pershing Square 50억 달러 IPO와 빅테크 실적(아마존 매출 1815억 달러, AWS 28% 성장, 알파벳 클라우드 63% 성장, MS 클라우드 545억 달러)을 근거로 제시. 알파벳·아마존·마이크로소프트 집중 투자와 즉시 매수를 권유.
다듬은 글
The stock market is hitting record peaks and the fear of heights is paralyzing the average investor. While the sidelines are crowded with skeptics waiting for a crash that never comes, the smart money is moving in. Bill Ackman, the titan behind Pershing Square, isn't just participating in this rally.
He's doubling down. With the successful $5 billion combined IPO of Pershing Square USA and Pershing Square Inc. on April 29th, 2026, Ackman is signaling a massive vote of confidence in the American experiment. To the bears shouting bubble, Ackman's response is clear. The recession risk is overblown and we aren't in an AI bubble.
We are witnessing an industrial scale productivity boom. The data backs the conviction. This past Wednesday, April 29th, the magnificent tech giants silenced the skeptics, reporting earnings that didn't just beat estimates, they crushed them. We saw double-digit revenue growth, such as Amazon's 17% net sales increase to $181.5 billion and capital expenditure guidance proving the AI revolution is only in its second inning.
Ackman's strategy of concentrated conviction over diversified safety is the only way to capture this alpha. He isn't buying the index, he's buying the best of the S&P 500. If you've been sitting on cash while the Nasdaq climbed to new heights, your window is closing. Following Ackman's buy now directive and this week's historic earnings beats, his vision of super durable growth and American dominance.
Let's begin with the heavy hitter in the Pershing Square portfolio that is currently silencing every skeptic on Wall Street. Alphabet, ticker GOOGL. For months, the narrative surrounding this tech titan was dominated by fears that generative AI would cannibalize its core search business. However, Alphabet's latest first quarter performance didn't just move the needle, it shattered the bear case entirely.
The company reported a massive double beat with total revenue surging nearly 22% year-over-year to a staggering $109.9 billion. The most critical takeaway for investors is that Alphabet's AI integration is no longer a theoretical future catalyst. It is a high-margin reality happening right now. The core engine, Google Search and other, delivered an exceptional $60.4 billion in revenue, representing 19% year-over-year growth.
This acceleration proves that AI-driven features, the very things skeptics thought would kill Google, are actually increasing user engagement and queries to all-time highs. Meanwhile, the Google Cloud division is emerging as an absolute powerhouse with revenue jumping 63% to top $20 billion in a single quarter.
Even more impressive is the forward-looking indicator. The cloud backlog has doubled in just one quarter, reaching a monumental $460 billion. This indicates a massive enterprise appetite for Alphabet's AI infrastructure and solutions, which are now contributing significantly to the bottom line with over $6.5 billion in quarterly operating income.
Beyond the core financials, Alphabet is sitting on underappreciated optionality that could unlock massive total addressable markets. Waymo has officially reached a mature milestone, facilitating 500,000 autonomous rides per week, while the company's equity investments in leaders like SpaceX and Anthropic provide a unique venture capital style upside.
Despite the stock climbing on these results, the valuation actually looks more attractive today because earnings expectations are rising faster than the share price. With an operating margin expanding to 36% and an 11th consecutive quarter of double-digit growth, Alphabet is evolving into the ultimate everything company of the AI era, combining the safety of a dominant legacy business with the explosive growth of next-generation infrastructure.
While Alphabet dominates the information layer, Amazon, ticker AMZN, is the powerhouse perfectly fitting the quality-over-value mandate that defines this era of market leadership. While many were busy questioning how long the consumer could remain resilient, Amazon silenced the noise by reporting a massive first quarter revenue beat at $181.5 billion.
What we're seeing here is a fundamental shift in the business model. Amazon is no longer just a retail giant, but a high-margin technology powerhouse. The North America segment alone saw a 12% jump in sales to $104.1 billion. But the real story lies in the operating income, which surged to nearly $24 billion as the company continues to optimize its fulfillment network for maximum efficiency.
The crown jewel of this growth story is undoubtedly AWS, which has accelerated to its fastest growth rate in 15 quarters. Now operating at a $150 billion annual revenue run rate, AWS grew 28% year-over-year, proving that the migration to the cloud is gaining a massive second wind fueled by generative AI.
Interestingly, Amazon's custom silicon business is now a top three global player in the data center chip space. Their Trainium and Graviton chips are delivering 30% to 40% better price performance than industry-standard GPUs, provid advantage that the market is only just beginning to price in. CEO Andy Jassy noted that the chips business alone could generate $50 billion in revenue annually if it were a standalone entity.
Looking ahead, the catalysts are stacking up. Amazon is aggressively expanding into agentic commerce with Rufus, an AI shopping assistant that has seen engagement explode by 400% year-over-year. Beyond retail and cloud, the company is quietly building a global telecommunications footprint with Amazon Leo, its satellite internet initiative.
With major commitments already secured from enterprises like Delta and a strategic partnership with Apple to power satellite services for iPhones, Amazon next decade. As margins expand and the high-margin advertising and cloud businesses become a larger part of the total mix, the business is demonstrating a unique ability to monetize the AI revolution at every level of the stack.
Scaling even higher into the stratosphere of the cloud, we find Microsoft, ticker MSFT, a company that has solidified its position as the definitive backbone of the global AI infrastructure buildout. Despite some cautious sentiment in after-hours trading regarding capital spend, the fundamental data tells a story of aggressive, high-margin expansion that aligns perfectly with a concentrated conviction strategy.
Microsoft just reported a massive third quarter beat with revenue surging over 18% to nearly $83 billion. The true engine of this growth is the Microsoft Cloud, which pulled in $54.5 billion this quarter alone, a 29% increase that showcases just how rapidly enterprises are shifting their mission-critical workloads to Satya Nadella's ecosystem.
Within that cloud performance, the intelligent cloud segment, the home of Azure, is the standout, posting a 30% revenue increase to 34.7 billion. More specifically, Azure and other cloud services revenue skyrocketed by 40%. This isn't just incremental growth, it's a scale-driven explosion. Microsoft's total AI business has now surpassed an annual revenue run rate of $37 billion, a staggering 123% increase year-over-year.
This level of adoption proves that we have transitioned from the era of AI experimentation to the era of agentic computing, where businesses are deploying Microsoft stack to drive real-world automated outcomes. The future catalysts for Microsoft are deeply embedded in its commercial momentum. The company's commercial remaining performance obligation, a key indicator of future revenue, surged by 99% to a jaw-dropping $627 billion.
This massive backlog provides a clear runway for long-term growth and demonstrates that corporate AI spending is hitting unprecedented levels. By integrating AI across productivity and business processes, which saw a 17% jump, Microsoft is effectively upselling its massive install base into higher-value AI-powered subscriptions.
As the company continues to focus on delivering the essential infrastructure for this once-in-a-generation technology shift, it remains uniquely positioned to capture the lion's share of the global AI transformation. The message from this week's earnings and Bill Ackman's aggressive market stance is undeniable.
We are in the midst of the greatest productivity inflection point of our lifetime. Alphabet, Amazon, and Microsoft have proven that they aren't just riding the AI wave, they are the wave. While the crowd waits for a better entry price, these titans are generating record cash flow and building massive backlogs that guarantee future growth.
The question isn't whether the market is at an all-time high. The question is whether you have the conviction to own the companies that are defining the future. Don't let fear keep you on the sidelines while history is being made.
Comments 0