Pershing Square sees undervalued upside in Meta Platforms, arguing the stock price underprices Meta’s long-term AI growth potential.

Ackman’s Meta bet fits his broader tech concentration, following prior positions in Amazon and Alphabet and signaling a focused wager on high-quality tech leadership.

Investors have scrutinized Meta’s heavy AI-related capex, with guidance for 2026 capital expenditure of $115–$135 billion underscoring a conviction that AI infrastructure will drive future value.

Market indicators such as the VIX could help traders identify favorable entry points, as lower volatility may support bullish setups.

Trading ideas include longs in FET/USDT and RNDR/BTC, with specific technical levels and the potential for BTC to push above $70,000 if correlations hold.

Pershing Square’s activity during the period also included new positions in Amazon and Hertz, reflecting a broader rotation into tech and travel-related equities.

The fund highlighted opportunistic entries in 2025, including a mid-year Amazon position taken during volatility to capitalize on expected margin expansion in Amazon’s retail business.

Pershing Square’s activist-style approach could catalyze upside momentum and improve liquidity, potentially lifting related sectors and crypto activity.

The Meta stake was disclosed at the firm’s annual meeting, with the roughly $2 billion position reflecting a substantial portion of the fund’s capital.

Pershing Square delivered strong 2025 performance (about 20.9%) versus the S&P 500, though it faced a downturn in January this year.

Last year’s outperformance, with a 20.9% NAV gain versus a 14% S&P rise, reinforces the fund’s conviction in concentrated bets on select tech disruptors.

The disclosure process and details were reviewed by Reuters, with insights from Pershing Square’s chief investment officer Ryan Israel.