Bill Ackman says Wall Street is misreading Amazon, Microsoft, Meta, and Alphabet

Pershing Square's Q3 2026 letter argues analysts count the AI spending bill but ignore the revenue it could produce Bill Ackman thinks Wall Street is reading only half the spreadsheet on Big Tech. In Pershing Square Capital Management’s Q3 2026 shareholder letter, the hedge fund manager argued that analysts are mispricing the four biggest AI hyperscalers: Amazon , Microsoft , Meta Platforms , and Alphabet . His complaint is simple. Forecasts fully reflect the enormous cost of building AI infrastructure, but they don’t give much credit to the revenue those investments could generate. The numbers driving investor anxiety are hard to ignore. According to the letter, combined capital expenditures for the four companies are expected to rise from approximately $140 billion in 2023 to an estimated $740 billion in 2026.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Briefing.