06:03 AM EDT, 05/23/2025 (MT Newswires) -- Amazon.com ( AMZN ) earnings will continue to grow despite tariffs, Pershing Square Capital Management is betting, news outlets reported Thursday.

The hedge fund bought Amazon ( AMZN ) shares in April, when they dipped 30%, according to Pershing executives, cited by news outlets.

"The most substantial move is Amazon ( AMZN )," Chief Investment Officer Ryan Israel, said on a conference call, according to Reuters. "We felt that the company would be able to work through any slowdown in the cloud computing division Amazon Web Services and we did not judge that tariffs would have a material impact on the earnings in the retail business."

Pershing Square also added stakes in Hertz (HTZ) and transport company Uber (UBER) while selling off Canadian Pacific (CP), Chipotle Mexican Grill (CMG), Hilton Worldwide (HLT), and Universal Music (UMG).

Pershing Square did not immediately reply to MT Newswires' request for comment.