Fortune: Who is investing in Microsoft?

Investing Microsoft

Bill Ackman has been quietly buying Microsoft since February, when AI fears were dragging the stock

By 

Eva Roytburg

Fellow, News

May 15, 2026, 11:14 AM ET

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US hedge fund manager Bill Ackman, CEO of Pershing Square Capital Management, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 4, 2026.

US hedge fund manager Bill Ackman, CEO of Pershing Square Capital Management, speaks during the 29th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 4, 2026.Patrick T. Fallon / AFP via Getty Images

Bill Ackman is going against the grain to back Microsoft.

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Pershing Square Capital Management, the hedge fund run by the billionaire investor, has built a new position in the software giant. 

And in typical Ackman fashion, he disclosed the stake in his trademark style: a lengthy post on X on Friday ahead of his firm’s quarterly 13F filing (a required filing for institutional investment managers with over $100 million in assets). He did not disclose the size, but called it a “core holding.”

Pershing started accumulating shares in February, after Microsoft’s stock fell about 10% the day after Q2 earnings, with a 1% lower-than-expected cloud growth alongside a surge in capital spending. “We were able to establish our position at a valuation of 21 times forward earnings, broadly in line with the market multiple and well below Microsoft’s trading average over the last few years,” Ackman wrote in the post.

Microsoft’s stock is down more than 15% year-to-date as it fights to prove that its Azure cloud business has enough revenue to justify its AI spending. The erosion of its partnership with AI, which was recently restructured to strip Microsoft of exclusive distribution rights, only furthered those concerns.

Ackman sees that restructuring as a pivot to a multi-model architecture that can better suit the needs of its enterprise customers.

  • He also argues that investors underestimate Microsoft’s 365 productivity suite and its stickiness, saying the suite is “deeply embedded” in enterprises and “nearly impossible to replicate,” he wrote.

Ackman pushed back on concerns over Microsoft’s $190 billion 2026 capex budget, arguing it as growth investment on a J curve rather than a threat to margins. He also pointed out that Microsoft’s market capitalization does not yet reflect its 27% economic interest in OpenAI— worth approximately $200 billion at the startup’s most recent funding round valuation, he said.

The Microsoft buy continues Ackman’s pattern of stepping into Big Tech during periods of AI-related skepticism.

“We acquired Alphabet when the stock declined substantially on the release of ChatGPT in late 2022, Amazon in the weeks following Liberation Day, and Meta more recently on the market’s response to the company’s unexpectedly large capex guidance,” he wrote.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.

About the Author

By Eva RoytburgFellow, News

Eva covers macroeconomics, market-moving news, and the forces shaping the global economy.

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Axios: The Powell school of leadership

The Powell school of leadership
 
Photo illustration of Jerome Powell surrounded by an image of the Fed's facade, market lines, and abstract squares. 
Jerome Powell. Photo illustration: Aïda Amer/Axios. Photo: Andrew Harnik and Al Drago/Bloomberg via Getty Images
 
Axios’ chief economic correspondent Neil Irwin, who had a front-row seat for Jerome Powell’s eight years as Federal Reserve chair, reflects on Powell’s legacy as Kevin Warsh takes over:

Powell guided the U.S. economy through extreme tumult and fought off unprecedented presidential efforts to undermine the Federal Reserve’s independence.

But it’s Powell’s approach to duty and public service that is his ultimate legacy as a leader and that will shape his place in history.

For the better part of the last decade, I’ve either watched on a screen or been physically present for pretty much everything Powell has said in public. Two sentences stick most in my memory.

😷 It was April 2020. The world was on lockdown, the unemployment rate was nearly 15%, GDP was in free fall, and the future appeared bleak.

📜 “None of us has the luxury of choosing our challenges; fate and history provide them for us,” Powell said. “Our job is to meet the tests we are presented.

The big picture: Powell’s mistakes contributed to the painful inflation of the early 2020s.

But he has led a crucial American institution for eight long years with a deep sense of public purpose.

Read Neil’s full analysis.
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Massimo: Reports suggest that China could soon have more Christians than any other country on Earth. Researchers estimate that the number of Christians in China could surpass 247 million within the next five years, overtaking the United States, Brazil, and Mexico to become the largest Christian population globally.

Massimo

@Rainmaker1973

·

Reports suggest that China could soon have more Christians than any other country on Earth. Researchers estimate that the number of Christians in China could surpass 247 million within the next five years, overtaking the United States, Brazil, and Mexico to become the largest Christian population globally. This represents a remarkable transformation. In 1949, when the Communist Party took power, China had only about five million Christians.

Despite decades of strict secular governance and tight regulation of religious activity, Christianity has grown rapidly in recent decades. Many believers, particularly among younger generations seeking spiritual meaning, have turned to unofficial house churches that operate outside government oversight. This quiet but powerful expansion continues even under challenging conditions, highlighting a significant shift in China’s religious landscape.

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BYD (Beyond your Dream). Cars from China; the world will be in awe with this from Massimo

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Axios: Straits of Hormuz … the world in strive. Starting with farmers growing desperate

🚜 Farmers growing desperate
 
Illustration of a tractor and a field of crops from above in the form of an upward trending line chart
Illustration: Sarah Grillo/Axios. Stock: Getty Images
 
Farmers across the Midwest are entering planting season under mounting financial pressure, as the Iran conflict drives up diesel and fertilizer prices — deepening the worst agricultural downturn in decades, report Nathan Bomey and Axios Local reporters across the Farm Belt.

Why it matters: Rising fuel and fertilizer costs threaten to kill more family farms, drive up food prices and further strain rural economies already battered by trade disruptions, inflation and extreme weather. 

The big picture: Mark Mueller — a northeast Iowa farmer and president of the Iowa Corn Growers Association — tells Axios that the current landscape is tougher than at any time since the 1980s farm crisis, when interest rates soared and exports plunged, triggering agricultural bank failures.

Bankruptcies are rising. Lenders are becoming more reluctant to loan to farmers.“There’s going to be fewer farmers next year than this year,” Mueller says.

Farmers are grappling with a confluence of forces:

🔌 Skyrocketing energy prices triggered by the Iran war. Diesel is up 60% from last year.
🌾  Spiking fertilizer pricesand shortages after Iran blocked shipments through the Strait of Hormuz. 70% of farmers say they can’t afford the fertilizer they need.
🇨🇳 Disrupted export markets tied to President Trump’s tariffs and Chinese import restrictions.💧 Global drought and other weather pressures. 

The crisis is hitting farmers hard across the country:

In Arkansas, energy and fertilizer costs are way up even as farmers are selling their crops for less.

In Ohio, first-generation farmer Michael Kilpatrick said his fuel bills are up from $400 to $700, and container costs have risen 30%.

In Iowa, farmers are dealing with a decline in soybean prices from $13-$15 to around $10 per bushel, as exports to China have fallen due to trade tensions.

In Minnesotacalls to the state’s farm and rural issues mental health helpline are climbing.

For consumers, the crisis is especially noticeable with beef.

The U.S. cattle herd is at its lowest level in decades, largely due to global drought.Contributing Axios reporters: Worth Sparkman in NW Arkansas, Monica Eng in Chicago, Casey Weldon in Cincinnati, Jason Clayworth in Des Moines, Arika Herron in Indianapolis, Torey Van Oot in the Twin Cities, and Kelly Tyko in Florida.Share this story.
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Mario Nawfal: China unveiled an AI-powered wheelchair that can climb stairs and move across rough terrain with ease….

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Futurism: “AI generates the structural conditions historically associated with the onset of political violence.”

If AI Causes a Mass Unemployment Crisis, Will the Public Explode Into Violence?

“AI generates the structural conditions historically associated with the onset of political violence.”

By Joe Wilkins

Published May 15, 2026 8:48 AM EDT

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These days, the conversation around AI automation and the job market is increasingly focused on “labor displacement,” the phenomenon in which new technology eliminates certain jobs but supposedly creates new ones elsewhere.

But AI, more than any tech that came before it, represents the possibility of mass unemployment on an unprecedented scale. Since workers in market economies depend entirely on employment for survival, mass unemployment would leave untold millions of people without anything to lose. Whether AI actually causes that remains a topic of debate, but the outcome if it does could be widespread social upheaval.

Working class person’s wellbeing in a market economy depends almost entirely on their employment, it’s entirely possible that — if mass AI unemployment ever does genuinely hit, which to be fair is a major “if” — the conditions for serious social unrest could emerge.

In the hotbed of dog-eat-dog capitalism that is the United States, anti AI-sentiment is already on the rise. The data centers underlining the AI boom are widely reviled, and a surprising number of workers are admitting to sabotaging their company’s AI in the workplace. According to one survey, seven in ten people living in the US already think AI will make it harder to find work, a sentiment that isn’t helped much by a horrible job market.

As Royal Military College of Canada political scientist Yannick Veilleux-Lepage argued in a recent paper on AI and populist backlash, “AI generates the structural conditions historically associated with the onset of political violence.”

That discontent, he notes, stems from increasingly undemocratic decisions: data centers forced on small towns without consent, nonstop surveillance by corporate security firms, and major government handouts for tech industry projects, to name just a few.

“As AI company executives acquire more personal security, risk may shift to researchers on open campuses; as corporate campuses harden, risk shifts to the power substations that serve them; where national figures are unreachable, local policymakers who approved the data center become the proxies for the same structural anger,” Veilleux-Lepage writes.

As the Atlantic notes in a recent piece discussing AI backlash, tech executives are already walking back their apocalyptic rhetoric. Where the AI industry once bragged about the coming AI job apocalypse to boost their valuations, they’re now downplaying the risks of automation as grievance grows.

In 2023, for example, the Atlantic notes that OpenAI CEO Sam Altman bragged that “jobs are definitely going away, full stop.” These days, his prediction is much more even-keeled: “jobs doomerism is likely long-term wrong,” Altman wrote on social media.

Perhaps he’s covering his bases after his San Francisco estate was firebombed by an angry 20-year-old, or maybe his beliefs have really changed. Either way, his problems aren’t going away: it isn’t about what executives say, but about what they do.

More on AI and labor: Large Study Finds That Replacing Workers With AI Is Backfiring Badly

Joe Wilkins

Correspondent

I’m a tech and labor correspondent for Futurism, where my beat includes the role of emerging technologies in governance, surveillance, and labor.

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RUDE AWAKENING | LEGO News Rap Parody Animation Air Force One touches down… but nobody told them the welcome mat had already been moved.

May 14, 2026

#LEGOAnimation#NewsParody#SatiricalRap🚨

RUDE AWAKENING | LEGO News Rap Parody Animation Air Force One touches down… but nobody told them the welcome mat had already been moved. 🛬❌ In this episode of our LEGO News Rap series, we break down one of the most talked-about diplomatic moments of the year — told entirely through satirical rap lyrics, cinematic LEGO CGI animation, and raw political storytelling. No insults. No violence. Just facts, flow, and LEGO bricks. 📰 WHAT’S IN THIS VIDEO: → Satirical rap parody inspired by real geopolitical events → Full cinematic LEGO Blender-style animation → 30-scene storyline following the arrival, the meeting, the data, the spin, and the flight home → Original beat production with G-Funk influenced delivery → Chapter-by-chapter storytelling from tarmac to transcript 🎤 LYRICS THEME BREAKDOWN: The story follows a high-profile international arrival that gets quietly but decisively reframed before the plane even lands. Tariffs dropped. Folders prepared. Chess pieces moved. The welcome stayed formal — but the terms had already shifted. That’s diplomacy. That’s the game. That’s the rap.

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Is This AI? President Trump and entourage visit to China … Priceless photo for history

Dr.Sam Youssef Ph.D.,Ph.D.,DPT.

@drhossamsamy65

Priceless photo for history

Genius Xi Jinping deliberately placed deranged Trump and his lackeys in front of the COMMUNIST FLAG

When they paid respect to the Chinese Communist Party

This photo is PRICELESS

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1963 and vanishing chickens in Turkey … Behold

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