Bill Ackman warns that the market is overly chasing popular narratives, and high-quality tech giants may be undervalued

BlockBeats News, June 4, Panxing Square Capital founder Bill Ackman said that the current market behavior has similarities to the internet bubble period in 2000, as investors are pouring large amounts of capital into popular areas such as chips, semiconductors, and energy, while ignoring high-quality companies with solid fundamentals.

Ackman pointed out that, just as the market back then viewed Berkshire Hathaway as an “obsolete asset,” today technology giants such as Amazon, Meta, and Microsoft are facing a similar situation. He believes that this market sentiment has led to the undervaluation of the companies mentioned above, which are precisely their core holdings.

Ackman disclosed that he built his position after Microsoft’s share price fell following the release of its February 2026 earnings report, and he sees it as an important beneficiary of the AI wave. He emphasized that, in the AI era, the risk of companies being disrupted has risen significantly, and investors must reassess the long-term competitiveness of business models.

Regarding the software industry, Ackman said that companies that fail to integrate AI in a timely manner will face enormous challenges, and the risk is particularly pronounced for some software companies that rely on niche markets and charge high fees.

In addition, Ackman believes that a month ago, the valuations of many high-quality companies in the market were “unbelievably low.” When discussing potential IPOs, he specifically mentioned SpaceX and OpenAI. He said that the former is close to a monopoly in low-cost space launches, while the latter has a highly attractive business model, but it still needs to further explain its capital investment strategy to the market.