Recent regulatory filings and public statements indicate contrasting investment strategies adopted by Bill Ackman of Pershing Square and Daniel Loeb of Third Point concerning Microsoft and Alphabet.

最近的監管文件與公開聲明顯示，Pershing Square 的 Bill Ackman 與 Third Point 的 Daniel Loeb 對於微軟與 Alphabet 採取了截然不同的投資策略。

The strategic realignment of these portfolios reflects a broader trend of selectivity among institutional investors regarding the 'Magnificent Seven' artificial intelligence conglomerates. Pershing Square commenced the acquisition of Microsoft equity in February, a move predicated on the assertion that the market had undervalued the firm's artificial intelligence integration and its Microsoft 365 suite. Conversely, Third Point liquidated its entire position in Microsoft during the first quarter, having held the asset since late 2022.

這些投資組合的策略調整，反映出機構投資者對於「科技七巨頭」人工智慧集團採取更為審慎的選擇性趨勢。Pershing Square 於二月開始買入微軟權益，此舉是基於市場低估了該公司的人工智慧整合及其 Microsoft 365 套件之主張。相反地，Third Point 在第一季清算了其在微軟的所有部位，該資產自 2022 年底起便由其持有。

Parallel to these developments, a reciprocal divergence occurred regarding Alphabet. Third Point acquired 175,000 shares of the Google parent company in the first quarter. Simultaneously, Pershing Square reduced and subsequently terminated its Alphabet holdings. Mr. Ackman clarified that this divestment did not constitute a bearish outlook on Alphabet's long-term viability; rather, it was a tactical reallocation of finite capital to facilitate the Microsoft acquisition. Despite these discrepancies, a point of convergence was observed in the establishment of new positions in Meta Platforms by both entities, with Pershing Square citing the anticipated benefits of artificial intelligence for the social media entity.

與此同時，在 Alphabet 方面也出現了相反的分歧。Third Point 在第一季買入了 17.5 萬股 Google 母公司股份。與此同時，Pershing Square 減少並隨後終止了其 Alphabet 的持倉。Ackman 先生澄清，此次除產並不代表對 Alphabet 長期生存能力的看跌展望，而是一種針對有限資本的戰術性重新分配，以利於收購微軟。儘管存在這些差異，兩家實體在建立 Meta Platforms 新部位方面達成了一致，Pershing Square 引用了人工智慧為該社交媒體實體帶來的預期收益。

Historically, both investors were characterized by a voluble activist approach, frequently advocating for corporate restructuring or executive turnover. However, recent operational shifts indicate a transition toward a more passive investment methodology, prioritizing capital appreciation over public corporate governance disputes.

從歷史上看，這兩位投資者都以激進的投資風格著稱，經常主張公司重組或高層更換。然而，近期的操作轉向表明其正轉向更為被動的投資方法，將資本增值置於公開的公司治理爭端之上。

Pershing Square and Third Point have adopted opposing positions on Microsoft and Alphabet while maintaining a shared interest in Meta Platforms.

Pershing Square 與 Third Point 在微軟與 Alphabet 上採取了相反立場，同時對 Meta Platforms 維持共同興趣。