Bill Ackman warns: The market's blind pursuit of AI is "repeating the 2000 dot-com bubble," with high-quality assets like Microsoft and Amazon being abandoned

Pershing Square founder and CEO Bill Ackman issued a strong warning in a recent interview, directly pointing out that the current AI investment frenzy is repeating the historical mistakes of the 2000 dot-com bubble. He noted that market funds are blindly chasing "hot" sectors like chips and energy, while high-quality tech giants such as Microsoft, Amazon, and Meta—companies with stable cash flows and strong moats—are being viewed as outdated assets, creating excellent mispricing buying opportunities.
(Background: Tom Lee predicts U.S. stocks will rally after the midterm elections! Surge to 7,700 then start correction, 2027 will be the "biggest rally of a lifetime")
(Additional context: JPMorgan calls for a bullish U.S. stock market: AI ignites a "super cycle" of profits, S&P 500 could reach 9,000 next year)

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• Funds blindly chase hot sectors, high-quality tech giants are mispriced
• AI era reshapes moats, software industry faces brutal divergence
• Focus on SpaceX and OpenAI, warning that market panic index may bottom

Wall Street’s enthusiasm for AI chip stocks is raising deep concerns among macro investors. Pershing Square Capital Management founder Bill Ackman, during a June 3, 2026, appearance on the "All-In Podcast," sounded a warning about current market psychology. He observed that short-term capital is rushing into semiconductors and energy sectors, and this irrational boom bears a striking resemblance to the 2000 dot-com bubble.

Funds blindly chase hot sectors, high-quality tech giants are mispriced

Ackman bluntly pointed out in the interview that markets are always easily attracted to the latest trends, causing short-term capital to concentrate in specific sectors. He warned that this frenzy often leads to "high-quality assets being discarded." He directly compared the current situation to the 2000 market environment: investors were obsessively chasing unprofitable internet concept stocks, while Warren Buffett’s Berkshire Hathaway was seen as outdated, causing its valuation to plummet to historic lows.

History is repeating itself. Ackman stated that today’s market is treating Microsoft (MSFT), Amazon (AMZN), and Meta as "outdated," leading to severe undervaluation of these companies with real profits and large cash flows. This is why he chose to build a large new position during the price dip following Microsoft’s February earnings report, firmly believing that Microsoft is the true winner in the AI era.

AI era reshapes moats, software industry faces brutal divergence

When assessing long-term company value, Ackman emphasized that investors need more detailed analytical skills. He believes that under the AI wave, companies that do not actively transform "are destined to face disruption." Microsoft, with its strong technological foundation, large user base, and deep AI integration like Copilot, is undoubtedly the biggest beneficiary.

Conversely, he is highly cautious about some software companies. He pointed out that niche software firms relying on high subscription fees (e.g., up to $30k annually) and lacking AI transformation capabilities face extremely high operational risks. Ackman specifically expressed reservations about Salesforce (CRM), questioning its business model and AI transition pace, and predicted that the software industry will soon experience a brutal valuation divergence.

Focus on SpaceX and OpenAI, warning that market panic index may bottom

In addition to listed tech giants, Ackman is also very interested in future major IPOs. He is highly optimistic about SpaceX, believing its near-monopoly position in low-cost space launches and the transformative impact of Starlink have high investment value; he is also closely watching OpenAI but emphasizes that investors need to clarify its capital allocation and future profit pathways.

On macro risks, Ackman issued a stern warning. Data shows that the S&P 500 tech sector just experienced its strongest 10-week rally since 1990 (up 44.6%), while the VIX index, used to measure market panic, has fallen to a year-to-date low of 13. This indicates extremely low hedging demand, and investors’ current mindset has shifted from "fear of a crash" to "FOMO" (fear of missing out). This environment of extreme overbought conditions and lack of risk awareness is a dangerous signal before a bubble burst.