Podcast Notes | Bill Ackman’s Latest U.S. Stock Moves: Dumping Google to Buy Back Netflix—Why You Need Not Worry About an AI Compute Bubble

Pershing Square founder Bill Ackman, whose firm manages over $33 billion, said in a 70-minute Equity Mates podcast interview that AI compute demand is not a bubble, arguing humanity's push toward superintelligence makes long-term compute exposure a high-conviction trade, while flagging excessive leverage at neocloud providers and data-center strain on power grids as the real risks. He disclosed that Pershing Square exited Alphabet entirely after the stock's rally pushed expected forward returns below the firm's long-term target range, despite calling its search box a natural entry point for cheap AI compute. He also revealed the firm bought back Netflix at roughly half its prior valuation, reversing a 2022 exit triggered by management's abrupt reversal on advertising plans, citing the company's now-proven ad-tier monetization, dominant streaming position, and strong cash flow. Ackman detailed his plan to transform Howard Hughes, in which Pershing Square holds a 47% stake, into a "modern Berkshire Hathaway" by injecting its wholly-owned insurance platform Vantage to harvest float, allocating 60% of assets to short-term Treasuries and 40% to long-term compounding equities and core real assets. He framed Berkshire's moat as decades of near-zero or negative-cost insurance float combined with almost no share issuance over sixty years. Watch for Pershing Square's execution on the Howard Hughes holding-company buildout and whether neocloud leverage and grid constraints emerge as the AI trade's pressure points.