Ackman and Tepper raised Meta Platforms stakes in Q2, with costs now the central question for the tape
Form 13F filings for the second quarter reveal that Bill Ackman's Pershing Square raised its Meta Platforms (Nasdaq: META) position by 20%, bringing the holding to nearly 10% of the fund, while David Tepper's Appaloosa Management grew its Meta stake by more than 50%, to a 5% portfolio weight. The filings reflect positions as of June 30. The stock has declined roughly 3% since that date and is down around 6% from April 1.
Key takeaways
- Q2 13F filings show Bill Ackman's Pershing Square raised its Meta Platforms stake by 20%, bringing it to nearly 10% of the fund, while David Tepper's Appaloosa grew its Meta stake by more than 50%, to a 5% portfolio weight.
- Meta's Q2 results showed 28% revenue growth but a 55% rise in operating expenses, squeezing margins and triggering a sell-off after earnings.
- The expense surge stems from Meta's AI computing infrastructure build-out, for which CEO Mark Zuckerberg released a document that stopped short of a concrete monetization timeline.
- Meta trades at 17.5 times forward earnings, well below the S&P 500's 21.4 times forward multiple, reflecting consensus doubt about near-term AI monetization.
- Since June 30, Meta stock has declined roughly 3%, and it is down about 6% from April 1.
Form 13F filings for the second quarter reveal that Bill Ackman's Pershing Square raised its Meta Platforms (Nasdaq: META) position by 20%, bringing the holding to nearly 10% of the fund, while David Tepper's Appaloosa Management grew its Meta stake by more than 50%, to a 5% portfolio weight. The filings reflect positions as of June 30. The stock has declined roughly 3% since that date and is down around 6% from April 1.
The cost structure the market is pricing
Second quarter results delivered 28% revenue growth, but operating expenses climbed 55%, squeezing operating margins and prompting a sell-off after the earnings print. The cost expansion traces to Meta's AI computing infrastructure build-out, a program large enough that CEO Mark Zuckerberg released an extended document on the company's AI plans after investor questions intensified. The document stopped short of a concrete monetization timeline. At 17.5 times forward earnings, Meta sits well below the S&P 500's 21.4 times forward multiple. The gap reflects how thoroughly consensus has discounted the company's ability to convert AI spending into revenue on a near-term schedule.
Ackman and Tepper are presumably underwriting the other side of that bet. Both are described as value investors who buy perceived dislocations. Their Q2 accumulation suggests they view the cost surge as a temporary build, and the current multiple as mispriced relative to eventual earnings capacity. That said, the 13F is a lagging instrument: positions are disclosed after a delay, and each manager's actual entry price during Q2 remains undisclosed, so the filing records what they held at quarter-end, not what they paid on any particular session.
What to watch for the setup
Meta's revenue grew 28% in Q2. The tension sits entirely in the 55% expense expansion and the absence of a defined monetization roadmap for the AI infrastructure. Those two factors are what hold the forward multiple below the broader market. Any filing, guidance update, or management communication that draws a firmer boundary around capital expenditure would shift the setup. The tape is pricing the spending curve.
Related reading
Filed by the newsroom of MarketPR on September 8, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.