Overview
- Pershing Square allocated roughly 10% of its capital to Meta, or about $2 billion, according to CIO Ryan Israel’s client call.
- The fund began building the position in November at an average cost near $625 per share, with gains of 11% through 2025 and roughly 3% early in 2026.
- Meta guided AI-related capital expenditures of $115 billion to $135 billion for 2026, a scale of spending that has pressured the stock over the past year.
- Ackman’s team cites AI-driven enhancements to content recommendations and personalized ads, with possible new engagement from digital assistants or wearables.
- Pershing reported a 20.9% NAV increase in 2025 and detailed portfolio moves including an exit from Hilton alongside sizable positions in Amazon and Hertz.