Uber (NYSE:UBER) and Amazon (NASDAQ:AMZN) are showing up in both Nancy Pelosi’s trading disclosures and Bill Ackman’s Pershing Square portfolio.
Pelosi’s spouse bought 200 call options on Uber on May 29, with a $50 strike price expiring March 19, 2027. Bill Ackman’s Pershing Square holds a much bigger position in the same stock. The fund’s second-quarter 13F filing shows it owns 34.3 million Uber shares worth roughly $2.48 billion, making it the largest holding in the portfolio at 12.72% of assets. Ackman grew this stake by 15% during the quarter, adding to a position he first opened in early 2025.
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Pelosi also holds Amazon call options, part of a broader rotation her husband made into 2027-dated call options on several big tech names, including a batch of Amazon calls with a $120 strike price. Ackman’s Pershing Square owns Amazon too, with 8.56 million shares worth about $2.04 billion.
Let’s dig deeper into AMZN.
AMZN Has a New Catalyst
Amazon.com Inc. is investing heavily in AI infrastructure. Bulls point to a new catalyst for the stock: Meta’s Muse AI agent. Early third-party data suggest Muse is surpassing ChatGPT’s early mobile launch in downloads and daily active users in key regions.
But what’s the connection with AWS?
Muse itself is not shown to run on AWS. The potential benefit is broader: agents can make repeated model calls, retrieve information and use tools, increasing demand for computing, memory, storage and networking. An industry estimate puts their network traffic at up to 450% more than a human completing the same task. Inference is forecast to account for two-thirds of AI infrastructure capacity in 2026, up from one-third in 2023 and half in 2025. The rise of agents like Meta’s Muse actually widens what companies need to buy from AWS, since running these agents day to day requires much more than just AI chips, including CPUs, networking gear, and memory and storage. That broader demand plays to Amazon’s strengths through its own Graviton chips.
Bear case
Amazon’s (NASDAQ:AMZN) valuation premium rests almost entirely on AWS. The cloud unit makes up just 21% of total revenue but generates about 60% of operating profit, carrying a margin near 39% versus 4% to 8% for the retail business. That concentration creates risk. Any slowdown in AI demand could negatively impact the company.
Valuation
Amazon non-GAAP forward P/E sits at 30.64, more than double the sector median of 14.73, and 108% above where its peers trade. On a trailing basis, non-GAAP P/E is 33.47, versus a sector median of 14.26.
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