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No comparisons between today's market and the Roaring 20s; you can't slow down AI – Bill Ackman
Bill Ackman, CEO of Pershing Square, rejected comparisons between today's market and the 1920s boom before the Great Depression, saying earnings expectations rose this year and stock valuations are reasonably low relative to growth, though he sees some bubble-like activity in private venture investing.
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What happened
Bill Ackman, CEO of Pershing Square, rejected comparisons between today's market and the 1920s boom before the Great Depression, saying earnings expectations rose this year and stock valuations are reasonably low relative to growth, though he sees some bubble-like activity in private venture investing.
Confirmed
Global impact / market context
Ackman argues stock prices are supported by rising company earnings rather than speculation, which matters because investors worried about a bubble may stay invested and keep buying shares, supporting prices of companies tied to AI and growth themes.
Analyst inference
Ackman frames AI as a national security race the U.S. cannot afford to lose, so he expects political pushback against data centers to fade as states welcome jobs, keeping capital spending on AI infrastructure and related stocks supported despite bubble fears.
Analyst inference
What to watch
- Ackman said private venture investing shows more bubble-like activity, particularly FOMO, which means fear of missing out, so watch whether private funding cools or keeps inflating startup valuations. Confirmed
- Calls to pause AI development are being pushed politically; watch whether any state or federal action actually slows data center construction or AI capital spending by companies. Proposed
- Watch earnings expectations for the market: if they keep rising as Ackman says, valuations stay reasonable; if they stall, his case for stocks being reasonably priced weakens. Analyst inference