Bill Ackman’s investment fund, Pershing Square, has disclosed a $2 billion investment in Meta, as per a company conversation with clients, as financial commitments to pure play AI companies and tech firms ramp up, according to a Reuters report.
The update comes after Meta said it would be building a data center in Indiana.
Alongside the new commitment, the company also completely exited from its stake in Hilton Worldwide Holdings.
Meta has been considered one of the tech companies that could have a strong presence in AI, but compared to NVIDIA and Google, it lags behind in terms of AI adoption across its services.
However, initiatives for its growth in AI are being rolled out, such as giving close to $2 million in grants to companies that can scale its AI glasses.
Indirect ownership of other companies has also been a tactic for the company to gain a foothold. Last year, Meta announced that it acquired Chinese AI firm Manus for an amount of roughly $2 billion.
Bill Ackman and his team have said that they believe AI will assist Meta when it comes to personalized ads, content recommendations, and its wearables segment.
At the time of writing, Meta’s stock was trading at $648.92, down by 2.96%.
Ackman is reportedly bullish on tech, with previous bets made on Amazon and Google by him and his firm, respectively.