Bill Ackman's New Bets Lift Alphabet, Qualcomm, and Pershing Square Shares

Shares of Alphabet soared by the most in nearly eight months after the tech giant reported strong demand for its cloud and artificial intelligence offerings, signaling that its heavy investments in AI infrastructure are yielding results. Qualcomm also rallied after the company announced progress in the data center market and predicted a rebound in China's phone industry. A major hyperscaler is expected to start using Qualcomm's components later this year, boosting optimism about AI data centers as a growth driver. Separately, Pershing Square shares rose following news that billionaire investor Bill Ackman had bought stakes in these companies, marking his first major purchases in the sector.