Pershing Square Capital Management disclosed a new investment in S&P Global. Bill Ackman’s firm detailed the position in its H1 2026 shareholder letter.
The investment thesis argues that the market overreacted to potential artificial intelligence disruption. Pershing Square notes that AI-vulnerable segments like Capital IQ desktop tools represent less than 7% of total revenue.
Most profits derive from defensible franchises including Ratings, Indices, and Platts. These segments function as essential market infrastructure with high switching costs.
Pershing Square expects these assets to increase in value within an information-abundant economy. S&P Global shares rose following the announcement.