Pershing Square Capital Management, the hedge fund run by the billionaire investor, has built a new position in the software giant.
Ackman sees that restructuring as a pivot to a multi-model architecture that can better suit the needs of its enterprise customers.
He also argues that investors underestimate Microsoft’s 365 productivity suite and its stickiness, saying the suite is “deeply embedded” in enterprises and “nearly impossible to replicate,” he wrote.
Ackman pushed back on concerns over Microsoft’s $190 billion 2026 capex budget, arguing it as growth investment on a J curve rather than a threat to margins. He also pointed out that Microsoft’s market capitalization does not yet reflect its 27% economic interest in OpenAI— worth approximately $200 billion at the startup’s most recent funding round valuation, he said.
