저자: 미상 · 외국인
요약 보기
빌 애크먼의 퍼싱스퀘어가 2026년 2분기 13F에서 아마존 지분 25.2% 축소 후 메타(20.1% 증가, 약 18억 달러)와 마이크로소프트(9.8% 증가, 약 23억 달러)를 늘렸다고 설명. 메타는 2Q 매출 608억 달러(+28%), DAU 36억, 광고단가 +12%, 자본지출 증가에 따른 FCF 압박 언급, 목표가 920달러. 마이크로소프트는 Azure 성장 43%, 실적 서프라이즈, 운영마진 확대, 인프라 확장 언급. 소프트웨어 마진이 높은 빅테크로의 자금 이동을 기관 논리로 해석.
다듬은 글
While macro investors are currently analyzing the Federal Reserve's interest rate policy, labor market reports, and robust inflation data, billionaire and fund manager Bill Ackman is taking a completely different path. Running Pershing Square Capital Management—a hyper-concentrated $19.5 billion portfolio of just 14 major holdings— Eckman targets solid, versatile companies that can grow earnings regardless of changes in the economic cycle.
In SEC 13F filings over the past period, while the broader market was reeling from fears of an AI “bubble” and a possible collapse of the sector, Ekman made a bold structural turn that goes against the grain. Pershing Square aggressively reduced its huge stake in Amazon by 25.2%, selling over 600,000 shares, but still maintaining a hefty position worth $2.04 billion .
This portfolio rebalancing move is far from a retreat into the bearish trend, but rather a release of critical capital to double down on two specific large-cap tech giants . Instead of chasing speculative hardware solutions , Ekman systematically accumulated positions in two trillion-dollar contenders whose financials convincingly justify the company's large infrastructure spending.
Ekman used the freed-up funds to expand his stakes in two industry leaders, increasing his firm's investment in the enterprise software titan by 9.8% to a whopping $2.32 billion. At the same time, Pershing Square increased its stake in the dominant player in the social media and digital advertising market by 20.1%, raising the valuation of this position to $1.80 billion.
Both added contenders have high software profitability—up to 68% and 82%, respectively— laying the foundation for strong long-term results as enterprise AI adoption accelerates. Let's start with Meta Platforms Inc. Meta, trading around $665 per share with a massive market cap of $1.7 trillion, is the first major beneficiary of Bill Ackman's portfolio reallocation, where Pershing Square increased its stake by 20.1% to $1.80 billion .
While headline writers obsess over cycles of massive capital spending, Meta’s key operating metrics show an advertising giant actively monetizing artificial intelligence on its platform. Meta's revenue in the second quarter of 2026 was $60.8 billion, representing a solid 28% year-over-year growth. At the same time, the number of daily active users of the family of applications reached 3.60 billion on the Facebook, Instagram, WhatsApp and Messenger platforms.
Meta's core business is seeing significantly higher revenue per user: the number of ad impressions has increased by 14%, and the average price per ad has risen by 12%. Advanced AI-based recommendation algorithms deliver measurable business value. Recent advancements in ranking algorithms have led to an 8.3% increase in ad clicks and a 15.7% jump in Facebook conversions.
Additionally, Meta's automated advertising system, Advantage Plus, has reached annual revenue levels exceeding $75 billion. The main discussion surrounding Meta focuses on capital intensity, as capital expenditures in the second quarter rose to $31.1 billion, reducing quarterly free cash flow to $784 million, despite generating $31.86 billion in operating cash flow.
Looking at operating performance over the past 12 months, Meta generated $130.30 billion in cash from operations, which corresponds to a solid cash position of $6.07 per share. Meta's uncancelled contractual obligations reached $349.31 billion , covering cloud storage capacity, data centers and equipment, along with $278.99 billion in leases that have not yet commenced.
Plus an additional $68 billion in 18-20- year data center leases added in July. In addition, operating profit for the second quarter was $18.8 billion with an operating margin of 31%. Adjusting for $3.6 billion in legal and severance costs yields adjusted operating income of $22.4 billion and a margin of 36.8%.
Despite the increase in short-term depreciation costs, where depreciation on servers and networks increased to $4.62 billion and the volume of construction in progress reached $80.3 billion. Meta's underlying profitability remains exceptionally high. Current figures highlight a gross profit margin of 81.76%, an EBIT operating margin of 38.08%, an EBITDA margin of 48.04%, and a net profit margin of 29.84%.
The return on common equity is an impressive 29.86%, alongside a 17.58% return on total equity. Valuation metrics remain extremely attractive for long-term growth. Meta trades at a forward price-to- earnings ratio (non-GAAP) of 20.77 or 21.34 on standardized screens with a forward PEG ratio (non-GAAP) of 1.03 to 1.06—a valuation measure that is 20% below the sector median of 1.32 and nearly 30% below Meta's five-year historical average of 1.51.
The forecasted revenue growth is an impressive 22.98%, along with a forecasted EBITDA growth of 21.18% and a long-term three-to-five year EPS growth rate of 20.07%. Analysts' forecasts call for normalized earnings of $46 per share by 2029, supporting a target valuation of $920 per share, as infrastructure spending stabilizes after 2028 and free cash flow normalizes to $65 billion in 2029 and $120 billion by 2030.
Next comes Microsoft Corporation, ticker MSFT, which maintains a massive market capitalization of $3.8 trillion at a price of $505 per share; This is the second major asset in which Bill Ackman increased Pershing Square's stake by 9.8% to create a position of $2.32 billion. Microsoft shattered the pessimistic narrative that artificial intelligence will devalue enterprise software after an earnings report that showed the biggest beat in earnings per share in 20 quarters.
The company's flagship cloud infrastructure platform Azure accelerated revenue growth by four percentage points to 43% in constant currency, officially crossing the $100 billion annual revenue milestone, up from $75 billion in the same period last year. Microsoft is successfully implementing a high-margin, seat-based and consumption-based monetization model that combines legacy software packages with agent-based workflows.
M365 Copilot paid subscriptions grew 50% in the quarter, surpassing 30 million users, while the premium E7 enterprise package, which combines M365 Copilot with Agent 365, grew from zero to millions of paid users in just one quarter. Microsoft achieved an operating margin expansion of 120 basis points year-over-year, proving that the scaling effect of enterprise software continues to offset the growth in depreciation and infrastructure costs.
Standard financial indicators show a gross profit margin of 67.94%, an EBIT operating margin of 46.78%, an EBITDA margin of 58.63%, and a net profit margin of 40.31 %. Return on equity is an exceptional 34.04%, with operating cash flow reaching $12.84 billion , or $2.82 cash per share, over the past year.
To keep up with corporate demand, which management says is outpacing available supply, Microsoft is undertaking an unprecedented infrastructure expansion. Industry reports suggest that Microsoft could triple its computing power to 38 gigawatts by 2032, up from its current base of 12 gigawatts, of which 2 gigawatts are strictly dedicated to AI workloads.
By hosting over 11,000 models on its platform, Microsoft supports a diversified AI ecosystem alongside a 27% stake in OpenAI, while maintaining a positive free cash flow margin forecast for fiscal 2027. Microsoft's financial strength is anchored by superior growth and balanced valuation across the board.
Growth figures show an annual revenue growth of 17.79%, with a forecast of 18.39% . Annual EBITDA growth is 24.09%, with a forecast of 21.85%. And the annual growth in diluted earnings per share was 31.60%, with a forecast of 20.03%. With a long-term forecast of EPS growth of a solid 16.07% compounded annually .
Valuation metrics show a forward P/E ratio (non- GAAP) of 25.58 and a current P/E of 29.25, implying a discount of 16.46% to the 5-year average of 30.62. The standard forward P/E (under GAAP) is 26.66, with a forward enterprise value to EBITDA ratio of 15.82 and a price to revenue ratio of 9.73. With a forward PEG ratio (non- GAAP) of 1.59, an enterprise value to EBIT ratio of 20.88, and a dividend yield of 0.73%, which is $3.64 per share annually, Microsoft combines stable cash flows from software with dominance in cloud infrastructure.
Bill Ackman's strategic move with capital from Amazon to Microsoft and Meta Platforms underscores a clear institutional thesis. Priority is given to software gross margins of 68–82%, rather than capital-intensive e-commerce logistics . As both tech giants monetize corporate co-pilots and digital advertising mechanisms, their financial fundamentals provide strong support for long-term compound growth.
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