Pershing Square's third-quarter 2026 investor letter reported fee-related earnings up 13% year over year to $63.7 million, while after-tax distributable earnings fell 12% to $49.5 million, mainly due to corporate income taxes after its IPO. Fee-paying assets under management reached about $23.0 billion at September 30, 2026, and the firm expects its portfolio companies to deliver roughly 20% annual EPS growth over the next three to five years. The letter highlighted AI infrastructure, with AWS revenue growth accelerating to 39% in the quarter, and Microsoft's Azure growth and Copilot adoption strengthening its investment case. Pershing Square said Microsoft's share price rose 38% in the quarter and 27% year to date from its average cost, with M365 growth accelerating to 18% and Azure to 48%. The article also notes Microsoft closed at about $507.12 per share on November 2, 2026, with a market capitalization of about $3.77 trillion.
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Related tickers and likely impact
MSFT
▲ Likely positiveMicrosoft
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Systems Software |
| Market cap | $3.9T |
| Close on 11/02/2026 | 507.12 |
| Change that session | -2.83% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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