Bill Ackman’s Pershing Square Capital Management started accumulating Microsoft shares in February, after a 10% stock drop driven by weaker-than-expected cloud growth and AI spending concerns. The billionaire investor disclosed the position on X, calling it a « core holding » without specifying size, but noting he bought at 21 times forward earnings. Microsoft shares have fallen more than 15% year-to-date amid doubts about Azure’s profitability and the restructuring of the OpenAI partnership. Ackman is betting on the Microsoft 365 suite, the company’s 27% economic interest in OpenAI worth approximately $200 billion, and the $190 billion 2026 capital expenditure budget. The investor revealed he applied the same strategy during AI-related selloffs to buy Alphabet, Amazon and Meta.
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