Bill Ackman on OpenAI, tech stocks, and his big IPO

Bill Ackman’s Pershing Square is conducting a dual IPO expected to raise about $5 billion—at the low end of a $5–$10 billion target—with institutional investors covering roughly 85% of the deal and a $2.8 billion private placement from family offices and pension funds. Pershing Square USA debuted at $50 a share and the combined offering includes a one-free-share-per-five-shares mechanic. The move, alongside Pershing’s prior $900 million stake in Howard Hughes and a specialty-insurer tie-up, signals Ackman’s shift to building a diversified holding company. Ackman remains bullish on AI and tech — backing positions in Alphabet and Meta — and downplayed a WSJ report about OpenAI missing targets that pressured partners like Oracle, a stance that could support sentiment in US large-cap tech and the broader US SP 500.