In its Q3 2026 investor letter, Pershing Square reported fee-related earnings up 13% to $63.7 million, with fee-paying assets under management of about $23.0 billion as of September 30, 2026. The letter highlights AI infrastructure spending, including AWS revenue growth of 39% in Q3, a backlog of nearly $600 billion, and 2026 capital expenditures of about $220 billion. The firm views Amazon as undervalued and expects it to compound earnings at a rate above 20% over the long term. The article notes AMZN closed at about $245.63 on November 2, 2026, with a market capitalization of about $2.66 trillion and a one-month return of about -1.39%.
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Related tickers and likely impact
AMZN
▲ Likely positiveAmazon
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.6T |
| Close on 11/02/2026 | 245.63 |
| Change that session | +2.20% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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