Like it or not, we’re living in a golden age of artificial intelligence (AI). Markets have gone wild over trailblazing startups tinkering with machine learning, and we’ve all been spoonfed the same narrative that a new breed of innovative AI companies are going to lead legacy tech firms into the future.
Well, billionaire investor Bill Ackman isn’t buying that narrative anymore. Appearing on CNBC earlier this month, the Pershing Square Capital Management founder made a firm declaration that every company today is actually an AI company. “And if you’re not,” he said. “You’re going to fall behind.”
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To be clear, this wasn’t some throwaway comment, and Ackman doesn’t mean that every company should be building their own AI models. Instead, he's saying that every company is now competing in a world shaped by AI. Products are getting compared by algorithms, marketing is being optimized by machine learning, and costs are feeling the pressure from automation.
Translation: If you’re not integrating AI into your business model, you’re going to be left in the dust. This is the framework that’s driving an aggressive portfolio shift over at Pershing Square — and it also explains why Bill Ackman has bet big on Meta Platforms (META).
What makes Ackman think that Meta is the perfect AI company? And more importantly, is he right? Let’s take a closer look.
Why Does Ackman Think Meta Platforms Is the Perfect AI Bet?
Earlier this year, Ackman revealed that Pershing Square has spent roughly 10% of its capital on Facebook’s parent company. That amounts to a roughly $2 billion investment, and it’s pretty easy to see why Ackman thinks Meta is leading the pack on AI.
Meta has everything that AI needs to be powerful: data, scale, and distribution. Its platforms draw in a combined 3.5 billion daily users, which is an unmatched feedback loop for a company keen to train and deploy its AI systems. But the real story is Meta’s advertising machine.
Advertising is the company’s core business, and AI has quietly turned it into one of the globe’s most powerful business models. Meta now utilizes AI to deliver content recommendations, increase user engagement, enhance targeting precision, and optimize pricing and placement in real time.
“We hear from the customers that they’re getting better outcomes from Meta-related advertising,” said Ackman. “The company talks about earning very attractive returns on investment. We like companies that can earn high returns on capital and are investing into that.”
Ackman’s stake in Meta tells investors that he’s betting the flywheel is only getting started. More importantly, he thinks that markets are underestimating Meta.
A lot of investors have voiced concern that Meta’s massive AI spend has been missing the bigger picture. They’re skeptical about whether that level of spending will actually translate into returns, citing CEO Mark Zuckerberg’s ill-fated “Metaverse” as a key piece of evidence.
But Meta is pressing forward regardless. The company is expected to double its spend on AI-related infrastructure moving forward. We’re talking up to $145 billion in capital expenditures, and Ackman thinks the ROI on this spend is going to be real this time. Why?
Pershing Square runs a simple playbook. The firm looks for high-quality businesses, temporary skepticism, and structural change that delivers long-term upsides.
Meta ticks all those boxes. META stock has faced pressure as a result of margin concerns and uncertainty. But Ackman thinks AI is already boosting Meta’s core business, which means the company has been valued wrong. Where most of us see a company with rising costs, Ackman sees a company building a powerful revenue engine.
That’s why he’s all-in on Meta. But there’s a bigger shift at play here, and that’s what investors need to be paying close attention to.
AI Has Become Table Stakes
Wall Street is entering a new phase in which AI is no longer a differentiator. It’s a baseline requirement, and that’s where Ackman’s “every company is an AI company” point really lands.
Companies like Meta use AI to increase efficiency, improve customer service, and scale faster. Companies that aren’t using AI in 2026 face a loss in pricing power. They’re going to fall behind on margins and get pushed out by competitors.
This is why capital is flowing so aggressively into AI infrastructure right now. Meta isn’t the only big player investing huge sums. Amazon (AMZN) and Alphabet (GOOGL) are doing the same thing, and it’s no coincidence that Pershing Square has leaned in there, too.
Bill Ackman thinks companies with massive data, global distribution, and deep pockets are best positioned to win the AI race. So, if you’re wondering about the implications this may have on your own positioning, it all boils down to how companies are being valued.
Models are changing, and traditional metrics don’t fully capture the upside of AI-driven businesses. This is especially true when those investments are front-loaded. At the end of the day, there is a lot of risk involved. AI expenditure is expensive, and margins get destroyed if that investment doesn’t translate into revenue. But if it works, you get operating leverage at a scale Wall Street has never really seen.
That’s exactly what Bill Ackman is betting on — and given his track record, it’s a bet that might look very smart in the months to come.
On the date of publication, Nash Riggins did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.