By Thomas Richmond
Publication Date: 2026-06-05 16:16:00
© Paul Zimmerman / Getty Images Entertainment via Getty Images
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 Parallel
Ackman’s analogy is the spine of the thesis. In 2000, as money flooded into internet names, while Berkshire Hathaway (NYSE:BRK-B | BRK-B Price Prediction) was dismissed as a…