Overview
- Pershing Square said Meta accounts for roughly 10% of its capital, about $2 billion, with an average purchase price of $625 as of Nov. 24, 2025.
- The fund exited Chipotle and Hilton to free cash for the position, after building AI‑exposed stakes in late 2025 that left Meta and Amazon at a combined 23% of capital by December.
- Pershing argues Meta’s share price undervalues long‑term AI upside and directly defends 2026 capital spending that could reach up to $135 billion.
- Its thesis highlights AI‑driven improvements in ad personalization and user engagement, plus growth potential from smart glasses and other wearables.
- Meta guided to about 30% revenue growth next quarter even as the stock slipped back near $640, while Pershing also backs Amazon for AI‑enabled retail efficiencies and expanding AWS AI offerings.