distribution · May 16, 2026
Bill Ackman Builds $2.1 Billion Microsoft Stake Citing Azure and Copilot Strength
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Bill Ackman’s Pershing Square began accumulating Microsoft shares in February 2026 after the stock fell about 10% following Q2 earnings that showed 1% lower-than-expected cloud growth. Ackman established the position at a valuation of 21 times forward earnings, below Microsoft’s recent trading average. The $2.1 billion stake focuses on Azure cloud and Microsoft 365 Copilot as core enterprise franchises amid a restructured OpenAI partnership that removed exclusive distribution rights. Microsoft stock is down more than 15% year-to-date as the company addresses AI spending concerns with $190 billion in planned 2026 capex. Ackman highlighted Azure and the $30-per-month Copilot AI assistant in M365 as two of the most valuable franchises in enterprise technology.