Ackman Abandons AI Focus, Buys Visa, Mastercard, Netflix

Billionaire investor Bill Ackman has made significant changes to his investment portfolio this year. The Pershing Square founder is known for holding onto companies for years, but he's now shifting focus beyond the AI boom.

Ackman raised $5 billion for a new fund called Pershing Square USA, which is expected to closely follow the older Pershing Square Holdings fund. The closed-end fund was launched in late April and has already invested about 95% of the capital raised since its launch.

One of Ackman's major changes this year is selling three stocks: Alphabet, Universal Music Group, and Hertz Global. He exited these positions to buy six new companies: Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon.