Bill Ackman is betting that Wall Street is wrong about Microsoft

Microsoft is the worst-performing Mag 7 stock of 2026 and Alphabet is up 28.1%.1 Bill Ackman built a Pershing Square stake valued over $2 billion, calling the valuation "highly compelling" and noting it was established at roughly 21x forward earnings, broadly in line with the market multiple and well below Microsoft's recent trading average.2