Bill Ackman’s Pershing Square has made Microsoft (NASDAQ:MSFT) a core holding, with the legendary activist investor arguing the software giant’s roughly 27% economic interest in OpenAI is worth around $200 billion and not reflected in the share price.
Ackman disclosed the new position in a post on X early Friday, ahead of Pershing Square’s 13F filing later in the day.
He said the firm began building the stake in February after Microsoft’s fiscal Q2 results sent shares lower.
Pershing Square USA, Ackman’s newly launched publicly traded vehicle, has also made Microsoft a core holding.
The Valuation Case
Pershing established its position at 21 times forward earnings, broadly in line with the market multiple and well below where Microsoft has traded over the past few years, according to Ackman.
Microsoft shares are down 12% year-to-date and have lost more than a quarter of their value since peaking last fall.
Ackman compared the trade to Pershing’s earlier buys of Alphabet
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