Bill Ackman is betting billions that Big Tech’s ballooning data center budgets are a profit engine rather than a cash drain, but the math behind his conviction rests on assumptions that could quietly unravel long after the spending stops.
The letter was dated November 2, 2026. Pershing Square chief executive Bill Ackman and chief investment officer Ryan Israel argued that Big Tech’s capital spending boom is an offensive growth investment with attractive returns.
The letter’s figures cover combined capital spending at Microsoft (NASDAQ:MSFT | MSFT Price Prediction), Meta Platforms (NASDAQ:META), Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL). That total rose from about $140 billion in 2023. It reached about $740 billion in 2026 on company guidance, a calculated 5.3 times, and the letter does not break out AI’s share.
Pershing owns…
