Don't just focus on chips! Bill Ackman: High-quality giants are being forgotten—beware of repeating the "dot-com bubble" mistake.

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Billionaire investor Bill Ackman warns that the current market is repeating the mistakes of the internet bubble in 2000—investors are flocking to hot sectors such as chips and semiconductors while abandoning truly high-quality assets.

In the "All In" podcast released on Wednesday, Ackman said that short-term capital is rushing into "new new things" like chips, semiconductors, and energy, leading to serious undervaluation of high-quality tech giants such as Amazon, Meta, and Microsoft. He holds positions in all three companies, and in February took a new position in Microsoft after its share price fell due to earnings, viewing it as a winner in the field of artificial intelligence. His remarks directly challenge the current logic behind tech stock allocations.

At the same time, Ackman issued a cautious signal regarding the outlook for the software industry. He specifically mentioned Salesforce, saying some software companies have long charged customers monopoly-level high prices and now face substantial risks under the impact of the AI wave. Investors, he said, need to conduct "very prudent analysis" of related stocks.

History Repeats: Quality Assets Overlooked by the Market

Ackman directly likens current market sentiment to the group psychology during the internet bubble. He pointed out that around 2000, investors were obsessed with internet concept stocks, and at the time, Berkshire Hathaway under Buffett was labeled as an "old asset" and its valuation dropped to a historic low.

"The interesting thing about the market is that people are always looking at the new new things," Ackman said. "Truly high-quality assets are often forgotten as a result." He believes that today Amazon, Meta, and Microsoft are suffering the same fate—in the context of funds piling into chips and semiconductors, valuations of these companies are being suppressed to unreasonably low levels.

Just a month ago, Ackman publicly called on investors to buy stocks, declaring that "shares of high-quality companies have become extremely cheap," displaying a clear long-term bullish stance on allocating quality assets.

AI: Both Threat and Opportunity, Software Companies Must Reform Themselves

Ackman's view on AI directly influences his stock-picking logic.

He said that every investor today is, directly or indirectly, exposed to the AI wave—"either as a beneficiary or facing a threat, so you must understand it." He emphasized that, as a long-term investor, it's essential to assess the probability of AI causing disruptive impact to a particular business, and that this probability "has risen significantly."

Amid a continued decline in the software sector this year, Ackman has taken a fairly cautious stance. He specifically mentioned Salesforce, arguing that some niche software companies have long relied on monopoly positions to charge customers high prices—such as annual subscription fees of $30,000. This kind of business model will face severe challenges as AI alternatives emerge. "If you're a software company, you must integrate AI as deeply as possible," he said.

SpaceX and OpenAI: Cautious Assessment Amid the IPO Wave

Regarding the much-discussed upcoming wave of IPOs, Ackman expressed measured interest.

He noted that SpaceX is close to a monopoly position in low-cost space launches, an advantage "that will become increasingly important," and that what he cares about is the company's shape five years from now.

As for OpenAI, which is also preparing to go public, Ackman believes its business model is quite attractive, but it needs to communicate its capital allocation method more clearly to the market. He did not issue a clear recommendation to buy or avoid either company, keeping a cautious tone.

Risk Disclaimer and Limitation of Liability ClausesThe market has risks, and investment needs prudence. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial situation, or needs. Users should consider whether any views, opinions, or conclusions in this article fit their particular circumstances. All investment decisions are at your own risk. ```