“we own Microsoft, we own Meta, we own Amazon. Uh actually, I think you're either directly or indirectly, you're invested in AI.”
Capital chases chips while quality mega-caps get left behind like Berkshire in 2000; Amazon is cheap
“we own Microsoft, we own Meta, we own Amazon.”
Founder-led Zuckerberg can make radical AI bets while hired CEOs play not-to-get-fired; Meta left behind
“I think a similar thing is happening today in a in a sense to Amazon and Meta, Microsoft. These are these are old-fashioned companies in kind of this, you…”
Ackman argues capital is chasing the new new thing (chips, semis, energy) while durable megacaps get left behind, the same way Berkshire was cheapest at the 2000 internet peak. He owns Microsoft, Meta and Amazon and confirms 'Yes' they are undervalued, with Microsoft the name he most directly defends as a low-disruption-risk platform.
“I worry more about a salesforce um than I do about your kind of um I think you got to do the work... when someone had a kind of a niche software product,…”
Ackman singles out Salesforce as the kind of high-priced enterprise software whose monopolistic per-customer pricing is exposed as AI lets buyers self-serve, versus low-priced platforms like Microsoft he sees as safe. The stake is a directional negative on Salesforce specifically.
“I think you underwrite a SpaceX the way you underwrite a venture capital investment.”
Near-monopoly in low-cost launch with Starlink optionality; underwrite like venture, people/opportunity one-of-one
“We're going to build this into a compounding machine over the next 50 years. It's something I've always wanted to do. We have the benefit of understanding…”
Ackman is reshaping Howard Hughes into a Berkshire-style insurance compounder, redirecting real-estate cash flow into a Buffett float-and-surplus model, and frames the entry as buying assets at roughly 60 cents on the dollar. The stake is a long bet that the conglomerate transformation closes the discount to liquidation value.