Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTThomas RichmondFri, June 5, 2026 at 6:16 PM GMT+2 4 min readQuick ReadAckman holds MSFT and META as undervalued AI compounders; Microsoft's AI revenue hit a $37 billion run rate despite shares falling 11% year-to-date.BRK-B hit its lowest-ever valuation during the dot-com boom before surging roughly 1,520%, and Ackman sees today's mega-caps sitting in that same overlooked position.Ackman warns niche software charging $30,000 annually faces AI replication risk, but Salesforce's Agentforce ARR hit $1.2 billion, up 205% year-over-year.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Amazon didn't make the cut. Grab the names FREE today.Billionaire investor Bill Ackman of Pershing Square has laid out one of the more provocative big-cap calls of this AI cycle. On the All-In Podcast, he argued that today's mega-cap incumbents are being treated the way the market treated Warren Buffett's empire, Berkshire Hathaway, at the peak of the dot-com bubble: as yesterday's story while capital chases the newest thing.His holdings make the point. "Today we own Microsoft, we own Meta, we own Amazon," Ackman said, arguing that AI is becoming so pervasive that nearly every major company will either benefit from it or be disrupted by it. As he put it, "Either directly or indirectly, you're invested in AI, or it's a threat."The Berkshire-at-the-Dot-Com-Low ParallelAckman's analogy is the spine of the thesis. In 2000, as money flooded into internet names, while Berkshire Hathaway (NYSE:BRK-B) was dismissed as a relic. "Berkshire Hathaway traded at the lowest valuation I think it ever traded at in its history, as people said, okay, that's all old stuff," he recalled. His broader observation: "People always bring their eye to the new, new thing. The new, new thing is sort of chips, semiconductors, and energy... What tends to happen is really high-quality things get left behind."Berkshire's B shares traded around $29.34 on March 1, 2000, and closed near $475.37 on June 3, 2026, a gain of roughly +1,520.21% on an adjusted basis. BRK-B is also up about +236.81% over the past 10 years and +62.51% over five. Past performance does not promise the same outcome for a different set of companies in a different era, but the lesson Ackman draws is that buying ignored quality has historically rewarded patient investors.Why Own Microsoft, Meta, and AmazonMicrosoft (NASDAQ:MSFT) is a central AI player. Its AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year in Q3 FY26, with Azure growing 40% and commercial remaining performance obligations of $627 billion. Yet Microsoft is down 11.24% year-to-date through June 3.Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info