Bill Ackman Warns AI Stock Rally Mirrors 2000 Dot-Com Bubble; Names Amazon, Meta, Microsoft as Undervalued

According to MarketWatch, on Wednesday, June 3, Bill Ackman, CEO of Pershing Square Capital Management, warned that current market dynamics mirror the 2000 dot-com bubble era, with investors chasing AI-related stocks in chips, semiconductors, and energy while overlooking quality mega-cap tech companies. Speaking on the All In Podcast, Ackman identified Amazon, Meta, and Microsoft as undervalued investments that form important positions in his portfolio.

Ackman disclosed he established a new Microsoft position in February following the stock's pullback after earnings, viewing the company as a major winner in the AI wave. He cautioned that software stocks like Salesforce face heightened disruption risks as AI rapidly commoditizes pricing power previously held by niche software players.