In a delayed 13F filing from August 14, 2026, it was revealed that Chris Hohn's TCI Fund Management completely sold its remaining $1.01 billion stake in Microsoft during the second quarter. The filing, which reflects positions held as of June 30, 2026, showed the activist fund disposed of all 2.73 million shares, finalizing an exit that had been underway for months.
This move concludes a significant shift for the long-term investor. According to reports on TCI's investor letters, the sale was driven by concerns that rapid AI progress introduces uncertainty for Microsoft's competitive position. Hohn specifically highlighted potential threats to the company's core Office software franchise and its Azure cloud platform from emerging AI-powered technologies.