Wedgewood Cuts PayPal After Volume Slowdown, Leans on Alphabet’s Google Growth
Wedgewood Partners reduced its PayPal stake in Q4, citing weaker transaction volumes and higher costs tied to AI-driven shopping. PayPal shares fell 2.3%, while Alphabet dropped 1.7% in early New York trading Tuesday. Wedgewood highlighted Alphabet’s gains in search and cloud, boosted by AI Overviews and rising cloud workloads.