Key Takeaways
- • Pershing Square CEO Bill Ackman told CNBC on November 3, 2026 that calls to pause AI development may "win a few votes going into midterms," but the U.S. "can't slow down" and must be "primary in AI" in a global race for superintelligence.
- • Ackman argued opposition to data center construction in some locations would not halt the buildout, citing states eager for jobs and available U.S. landmass.
- • Ackman said resolving government control of Fannie Mae and Freddie Mac is one of the few major economic policy steps President Trump can take, potentially by executive order, and that the administration may wait until after the midterms.
- • Ackman said higher oil and energy prices tied to the war with Iran could help Democrats in the midterms, and that a divided Congress would make legislative priorities harder for Trump to pass.
Summary
Billing Ackman, CEO of Pershing Square Capital Management, said in an interview with CNBC on Tuesday, November 3, 2026, that calls to pause artificial intelligence development might help some candidates in the midterm elections, but that the United States cannot afford to slow down. "I think maybe it helps win a few votes going into midterms," he said. "But practically speaking, we can't slow down. We have to be primary in AI."
Ackman framed AI development as a strategic competition, stating, "It's a global race for superintelligence. We don't want to get there second... That's existential to the United States." He argued that local opposition to data centers would not prevent the infrastructure buildout, noting that many states would welcome the jobs and that the country has substantial landmass. He likened restricting AI infrastructure to slowing the spread of electricity. The debate comes as companies including Amazon (AMZN) and Meta Platforms (META) invest heavily in data center infrastructure, raising questions about energy use, local opposition and whether the spending could become a political issue. According to Stocktwits, Microsoft (MSFT), Amazon and Meta are among Pershing Square's largest holdings.
The remarks follow calls for an AI pause from Democrats, including Abdul El-Sayed (D-MI), who made the proposal the previous week. It aligns him with Senator Bernie Sanders (I-VT), who has called for a pause on advanced AI development and a ban on artificial superintelligence, and with Representative Greg Casar (D-TX), a co-sponsor of the Ban Artificial Superintelligence Act.
Beyond AI, Ackman identified housing finance and energy prices as areas where the midterms could affect markets. He described resolving the government's control of Fannie Mae and Freddie Mac as a significant economic policy opportunity for President Trump, adding that it could be done by executive order and is politically important. He suggested the administration may be waiting until after the midterms to act.
On energy, Ackman said the war with Iran pushed up oil and energy prices, creating a political headwind for Republicans. "It's a temporary phenomenon," he said, while crediting the president for recognizing the risk when launching the conflict. He also said a divided Congress would make it harder for Trump to advance legislation, though he downplayed the long-term consequences, stating that the country would survive and that the identity of the next president matters more.
In morning trading that day, U.S. equities were mixed: SPY rose 0.23%, QQQ gained 0.54%, and DIA fell 0.57%. Retail sentiment on Stocktwits around SPY shifted to bearish from bullish, with chatter rising to high from normal levels.
Ackman framed AI development as a strategic competition, stating, "It's a global race for superintelligence. We don't want to get there second... That's existential to the United States." He argued that local opposition to data centers would not prevent the infrastructure buildout, noting that many states would welcome the jobs and that the country has substantial landmass. He likened restricting AI infrastructure to slowing the spread of electricity. The debate comes as companies including Amazon (AMZN) and Meta Platforms (META) invest heavily in data center infrastructure, raising questions about energy use, local opposition and whether the spending could become a political issue. According to Stocktwits, Microsoft (MSFT), Amazon and Meta are among Pershing Square's largest holdings.
The remarks follow calls for an AI pause from Democrats, including Abdul El-Sayed (D-MI), who made the proposal the previous week. It aligns him with Senator Bernie Sanders (I-VT), who has called for a pause on advanced AI development and a ban on artificial superintelligence, and with Representative Greg Casar (D-TX), a co-sponsor of the Ban Artificial Superintelligence Act.
Beyond AI, Ackman identified housing finance and energy prices as areas where the midterms could affect markets. He described resolving the government's control of Fannie Mae and Freddie Mac as a significant economic policy opportunity for President Trump, adding that it could be done by executive order and is politically important. He suggested the administration may be waiting until after the midterms to act.
On energy, Ackman said the war with Iran pushed up oil and energy prices, creating a political headwind for Republicans. "It's a temporary phenomenon," he said, while crediting the president for recognizing the risk when launching the conflict. He also said a divided Congress would make it harder for Trump to advance legislation, though he downplayed the long-term consequences, stating that the country would survive and that the identity of the next president matters more.
In morning trading that day, U.S. equities were mixed: SPY rose 0.23%, QQQ gained 0.54%, and DIA fell 0.57%. Retail sentiment on Stocktwits around SPY shifted to bearish from bullish, with chatter rising to high from normal levels.
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