저자: BillAckman-제목/채널기반,자막은해설내레이션위주로실제발언자구분불명확 · 외국인
요약 보기
시장이 반도체·메모리 등 고평가 테마에 쏠려 있어 MSFT·META·UBER 같은 기존 우량 대형주가 저평가 상태이며, Ackman이 이들을 대량 매수 중이라는 주장. MSFT는 매출 18%·영업이익 20% 성장, AI 연간 매출 런레이트 370억 달러, 2026년 자본지출 1900억 달러 중 2/3가 단기자산에 투입되고 잔존 실적의무(RPO) 6270억 달러로 가시성이 높다고 설명. META는 광고시장 점유율 선두 탈환 전망, 17~18배 선행 PER를 매력 요소로 제시. UBER는 자율주행 사업자들의 플랫폼 파트너화로 해자가 강하다며 잉여현금흐름 기준 19.1배 저평가를 주장. 세 종목 모두 장기 관점의 긍정 논리이며, 단기 가격 방향에 대한 명시적 예측은 없음.
다듬은 글
We're finding a lot of really cheap stocks in a market that's hitting new highs, which is sort of an interesting dynamic. And you know, a lot of the attention is to semiconductor and memory chips uh uh that IPOs that are coming and a lot of attention's been taken away from uh I would say you know, companies that people think are almost old-fashioned.
You know, Meta is an old-fashioned company today. Microsoft is an old-fashioned company today and therefore they're less interesting. Or that's not where the excitement is. The result of that is, you know, those stocks are very cheap. Yeah. Um so it's you know, we're finding a lot of cheap stocks and you know, query whether there's some overvalued ones, and which of course there are.
While the rest of Wall Street is blindly chasing hyper speculative semiconductor chip makers, fresh off the blockbuster IPO of SpaceX, and looking ahead to the coming debuts of Anthropic and OpenAI, one of the world's sharpest activist investors is quietly doing the exact opposite. Bill Ackman, the billionaire CEO of Pershing Square, refuses to participate in this high-altitude hype machine.
Instead, he has diagnosed a deeply bifurcated market, one where a handful of red-hot tech plays capture all the oxygen, leaving world-class massive cash-generating enterprises trading at an irrational discount. For active investors who have been waiting on the sidelines for a true bargain-hunting climate, Ackman's rationale is a wake-up call.
The ultimate dip-buying opportunity isn't found in speculative junk, but in premium institutional-grade compounders that the market has prematurely labeled old-fashioned. This isn't just theory, this is exactly how Ackman is deploying billions of dollars in capital right now. Look no further than his own portfolio maneuvers.
As Alphabet approached historic all-time highs, Pershing Square executed a ruthless profit-taking strategy, slashing its massive stake by roughly 95%. Why? Because Ackman saw an opportunity to exploit the AI and semiconductor mania by hunting down elite blue-chip franchises that were being unfairly punished by short-term volatility intolerant funds.
He realized that while the crowd is busy driving up extreme multiples elsewhere, dominant monopolies with bulletproof economic moats are sitting in plain sight at stupidly cheap valuations. Now, the blueprint is exposed. Let's break down the three ultra-high-quality stocks that Ackman's fund has loaded up on and why they represent the ultimate asymmetric bets for your portfolio today.
First on the list is Microsoft, trading under the ticker MSFT, a tech behemoth the market inexplicably treats like an old-fashioned legacy player. While short-term traders panic over escalating capital expenditures, Bill Ackman quietly built a brand new position of 5.7 million shares valued over $2.1 billion, making it a staggering 15.26 percent of his portfolio.
Driven by a hardware obsession, the market has left Microsoft down over 19.86 percent year-to-date to under $388. Yet Microsoft isn't selling a distant AI narrative. It is actively collecting a massive enterprise software tax. Hard data from the latest quarter proves it. Microsoft delivered 18% revenue growth to nearly $83 billion while operating income jumped 20% to over $38 billion, expanding operating margins to a blistering 46%.
The crown jewel is monetization. Its annualized AI revenue run rate exploded 123% year-over-year to $37 billion. Concurrently, Azure grew 40% explicitly driven by raw AI demand outstripping available capacity. Bears are terrified of a projected $190 billion capital expenditure roadmap for calendar year 2026, but this isn't speculative overbuilding.
2/3 of this cash goes directly into short-lived assets like GPUs and CPUs that generate revenue the moment they hit the data center floor. This capacity expansion is secured by a monumental commercial backlog that skyrocketed 99% year-over-year to $627 billion in remaining performance obligations, offering flawless revenue visibility.
Furthermore, Microsoft 365 Co- pilot crossed 20 million paid enterprise seats, up 250% translating to $7 billion in annual recurring income from just 5% of its commercial installed base. Trading at a reasonable 23 times forward earnings, nearly half the sales multiple of pure hardware plays, Microsoft has become the ultimate durable operating system for the enterprise AI ecosystem.
Transitioning from inner software to the powerhouse of social media, the second stock on our list . The market is aggressively penalizing Meta for its heavy AI spending, treating it like a repeat of past virtual reality missteps. Yet, while cloud rental headlines dominate, Mark Zuckerberg is pulling off the ultimate digital marketing coup.
For the first time ever, industry forecasts project Meta will unseat Google as the global digital ad market share leader, capturing 26.8% compared to Google's declining 26.4% despite growing its ad revenue by a stunning 33% year-over-year to $55 billion, Meta has plummeted more than 13.92% over the past year, making it the worst performer among the Magnificent Seven.
Short-term traders panicked over an aggressive 46% surge in R&D and a massive $145 billion capital expenditure roadmap for this year. This panic compressed Meta's valuation to a gift-wrapped 17 to 18 times forward earnings, a major discount to its tech peers, while resting above a highly defensive $480 price floor.
Sophisticated investors look past the CapEx noise to see a bulletproof monetization channel. Meta's automated advantage plus platform drives a spectacular $4.52 return for every dollar spent, pushing its shopping campaign run rate to $20 billion. This is fueled by its closed-source Muse Spark model and GEM ranking algorithm.
Instead of blindly scanning audience lists, GEM analyzes text, image, and video assets to predict intent with four times the efficiency of legacy systems, driving double-digit global ad impression growth. Furthermore, brand new premium subscription tiers across Facebook, Instagram, and WhatsApp are projected to inject an incremental $13 billion in high-margin revenue by 2028.
Backed by over $81 billion in pure cash, Meta can fund its entire AI build-out internally while maintaining an elite 57% operating cash flow margin. Leaving the digital advertising war behind to look at real-world infrastructure, our final stock is Uber Technologies, trading under the ticker UBER. Mainstream financial media insists Uber is on the verge of being completely disrupted by autonomous vehicles, buying into a flawed narrative that robotaxis from Waymo or Tesla will eliminate traditional ride-hailing networks.
Because of this widespread fear, Uber has lagged significantly, falling 14% year-to-date. But while short-term traders sold out of fear, Bill Ackman recognized that the market completely misunderstood where the real pricing power lies. He quietly constructed a massive cornerstone position, loading up on 30 million shares valued over $2.2 billion, making it the single largest holding in his portfolio at 15.71%.
Ackman's core thesis relies on a fundamental law of technology, the rapid commoditization of the autonomous vehicle layer. While tech companies scramble to build competing self-driving hardware and software, they remain utterly dependent on Uber's dominant consumer bottleneck. Uber controls the ultimate prize, a massive global marketplace managing 40 million trips a day across nearly 200 million monthly active consumers.
Autonomous providers simply do not possess the proprietary demand supply matching networks, real-time traffic routing elasticity, or drop-off friction algorithms required to run efficient operations. This reality is already playing out as major autonomous players, including Amazon-backed Zoox, Rivian, Nuro, Lucid, and Nvidia, have signed major partnerships to deploy their fleets directly onto Uber's network.
Beyond its AV moat, Uber is transforming into a high-margin, recurring software monster. Its sticky Uber One ecosystem expanded 50% year over year million members who spend three times more than non-members and boast 35% higher retention rates. Furthermore, its aggressive acquisition strategy to take over Germany's Delivery Hero will unlock over 1.5 billion dollars in cost synergies, instantly expanding its food delivery dominance deep into Europe and Latin America.
Financially, Uber is firing on all cylinders, generating 26.4 billion dollars in quarterly mobility gross bookings and 10 billion dollars in trailing 12-month free cash flow. Adjusting for stock-based compensation, Uber trades at a highly attractive price-to-free cash flow multiple of just 19.1, positioned to completely re-rate from a cyclical transportation platform into a high-margin consumer super app.
While the retail crowd chases the peak of hardware hype, institutional titans like Bill Ackman are quietly accumulation hunting world-class monopolies hiding in plain sight. Stop watching the overvalued outliers. Follow the Permanent Capital Blueprint, target the elite cash flows of Microsoft, Meta, and Uber, and secure your long-term wealth today.
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