President Donald Trump’s investment accounts were net buyers of shares in Alphabet and Meta Platforms during the first five months of 2026, according to financial disclosures filed with the U.S. Office of Government Ethics, adding two of the market’s most closely watched artificial-intelligence companies to a broader portfolio that recorded more than 6,200 stock trades over the same period.

The disclosures show net purchases of Alphabet shares totaling between $1.7 million and $3.6 million through May, along with net purchases of Meta Platforms stock ranging from $845,000 to $4.8 million over the same stretch. Federal ethics filings typically report holdings and trades within broad value ranges rather than exact figures, a standard disclosure practice for senior government officials.

Third-party managers, not Trump, made the calls

The accounts reflected in the disclosures are managed by third-party financial advisors, meaning Trump was not personally responsible for the individual buy and sell decisions reflected in the filings. The arrangement is a common one among wealthy public officials, allowing investment decisions to be made independently of the officeholder while still requiring periodic disclosure of the resulting portfolio activity under federal ethics rules.

Both Alphabet and Meta sit at the center of the ongoing buildout of artificial-intelligence infrastructure, and a majority of Wall Street analysts currently view both stocks as undervalued relative to their growth prospects, based on median analyst price targets compiled by financial researchers.

Alphabet’s case: a discounted AI leader

Alphabet reported strong second-quarter results that topped analyst estimates on both revenue and earnings. Revenue rose 24% to $119.7 billion, marking the company’s sixth consecutive quarter of accelerating growth, driven largely by 82% sales growth in its cloud computing division. Operating income, excluding unrealized gains tied to the company’s investment in SpaceX, climbed 30% to $40.7 billion.

Despite adding roughly 4% since that earnings report, Alphabet shares continue to trade at what analysts describe as an attractive valuation, roughly 18 times earnings, a significant discount to the company’s five-year average multiple of 24 times earnings. On the company’s earnings call, CEO Sundar Pichai pointed to strength across Alphabet’s AI product lineup, noting that nearly 90% of Fortune 100 companies now use Gemini Enterprise, the company’s platform for building AI agents and automating business workflows, while more than 9 million developers build on Alphabet’s Gemini models each month.

Pichai also highlighted growing demand for Alphabet’s custom AI chips, known as Tensor Processing Units, which the company has historically rented to cloud computing customers but has recently begun selling directly to select clients for use in their own data centers, a shift that positions Alphabet as a more direct competitor to Nvidia in the AI chip market.

Wall Street projects Alphabet’s earnings will grow at an annual rate of roughly 14% over the next three years, a forecast that has led most analysts covering the stock to view its current valuation as reasonable relative to its growth outlook. The median analyst price target of $425 per share implies roughly 20% upside from Alphabet’s current trading price of $355.

Meta’s mixed quarter, but a bullish long-term view

Meta Platforms delivered a more mixed second-quarter report, beating analyst expectations on revenue but falling short on profitability. Revenue climbed 28% to $60.8 billion, while operating margin fell 12 percentage points and net income dropped 13% to $6.18 per diluted share. The results, weighed down by legal costs, severance expenses and heavy AI infrastructure spending, sent Meta shares down 10% following the report.

Meta executives have characterized much of that margin pressure as tied to one-time charges rather than a structural shift in the company’s underlying business. Speaking to analysts on the earnings call, CEO Mark Zuckerberg said the company’s AI investments were beginning to pay off across its core operations. “We are now at a point where our investments in AI are accelerating,” Zuckerberg told analysts, pointing to improvements in the user experience across Meta’s apps, stronger performance for advertisers, and faster development of new products by internal teams.

Zuckerberg also outlined Meta’s broader plans to monetize its AI investments going forward, pointing to new personal AI agents the company is developing as a foundation for future products, including the recently launched Meta Business Agent, which answers business questions and automates workplace tasks. The company is also exploring a new cloud computing division that would rent out excess data center capacity directly to outside customers.

Wall Street expects Meta’s earnings to grow at roughly 21% annually over the next three years, a projection that has left the stock’s current valuation of about 21 times earnings looking inexpensive to many analysts despite the disappointing quarterly profit figure. Among 71 analysts covering the stock, the median price target sits at $770 per share, implying roughly 39% upside from Meta’s current trading price of $554.

A snapshot, not a strategy

While the disclosures offer a rare, itemized look at where money tied to the president’s investment accounts has flowed in recent months, ethics experts note that such filings reflect the decisions of independent portfolio managers operating under broad discretion, rather than any specific market view held personally by the president. The high volume of trading activity, more than 6,200 transactions through May alone, further underscores that the accounts appear to be managed under an active trading strategy typical of professionally managed portfolios rather than a small number of deliberate, individually chosen stock picks.

What the disclosures don’t show

The filings do not indicate whether the Alphabet and Meta positions have since been added to, reduced or sold entirely following the companies’ respective earnings reports, nor do they provide exact dollar figures for the trades, consistent with standard federal financial disclosure requirements that report holdings within set value bands rather than precise amounts. Future ethics filings covering the remainder of 2026 would be needed to determine whether the accounts’ exposure to either stock has changed in the months since May.