[Bill Ackman Warns Against Market's Over-Pursuit of Popular Narratives, High-Quality Tech Giants May Be Undervalued] BlockBeats News, June 4th, Pershing Square Capital founder Bill Ackman stated that current market behavior bears similarities to the 2000 internet bubble era. Investors are pouring substantial funds into popular sectors such as chips, semiconductors, and energy, while overlooking fundamentally solid, high-quality companies. Ackman pointed out that, akin to how the market once viewed Berkshire Hathaway as 'outdated assets,' tech giants like Amazon, Meta, and Microsoft are now facing similar circumstances. He believes this market sentiment has led to the undervaluation of these companies, which are core holdings in his portfolio. Ackman disclosed that he established a position in Microsoft after its stock price dropped following the February 2026 earnings report, viewing it as a key beneficiary of the AI wave. He emphasized that in the AI era, companies face significantly heightened risks of disruption, and investors must reassess the long-term competitiveness of business models. Regarding the software industry, Ackman stated that companies failing to integrate AI in a timely manner will face enormous challenges, with particular risks for software firms that rely on niche markets and charge high fees. Additionally, Ackman noted that the valuations of many high-quality companies in the market a month ago were 'unbelievably low.' When discussing potential IPOs, he specifically mentioned SpaceX and OpenAI, stating that the former is nearing monopoly status in low-cost space launches, while the latter possesses an attractive business model but still needs to further clarify its capital investment strategy to the market. [Original Link]