US Midterm Elections: Bill Ackman Says AI Pause Talk May ‘Win a Few Votes’ But America ‘Can’t Slow Down’

In an interview with CNBC, the Pershing Square CEO said the race for superintelligence is critical to U.S. interests and said opposition to data centers would not prevent the infrastructure buildout.

• Ackman said resolving the government’s control of Fannie Mae and Freddie Mac remains a major economic policy opportunity for President Donald Trump.
• He said higher oil and energy prices linked to the war with Iran could benefit Democrats in the midterms.
• He added that a divided Congress could make it harder for Trump to pass legislation.

Billionaire investor Bill Ackman on Tuesday said the calls to pause artificial intelligence development might help some candidates in the midterm elections, but warned that the U.S. cannot afford to slow down.

“I think maybe it helps win a few votes going into midterms,” Ackman, CEO of Pershing Square Capital Management (PS), said in an interview with CNBC. “But practically speaking, we can’t slow down. We have to be primary in AI.” His comments come amid growing debate over the cost and scale of the data center buildout supporting AI. 

U.S. equities were mixed in morning trade on Tuesday. The SPDR S&P 500 ETF (SPY) was up 0.23%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.54% higher, while the SPDR Dow Jones Industrial Average ETF (DIA) slipped 0.57%. Retail sentiment around SPY on Stocktwits shifted to ‘bearish’ from ‘bullish’ over the past day, while chatter rose to ‘high’ from ‘normal’ levels.

Ackman Says US Cannot Afford To Fall Behind In AI

Ackman said AI development was part of a strategic competition that the U.S. cannot afford to lose. “I think you know it’s a global race for superintelligence. We don’t want to get there second, right? That’s existential to the United States,” he stated.

He added that opposition to data centers in some places would not stop the buildout. “I think there are plenty of states that would be delighted to have the jobs, the job creation, and you know we’ve got a lot of landmass in the United States,” Ackman said.

He compared efforts to slow AI infrastructure development with restricting access to a basic utility. “It’s like you know saying we want to slow down the pace of electricity penetration into America,” he said.

Democratic Calls For A Pause On AI

Abdul El-Sayed (D-MI) called for a pause on AI development last week. The proposal aligns him with Senator Bernie Sanders (I-VT), who has also called for a pause on advanced AI development and a ban on artificial superintelligence, and with Representative Greg Casar (D-TX), co-sponsor of the Ban Artificial Superintelligence Act.

Companies including Amazon (AMZN) and Meta Platforms (META) are investing heavily in infrastructure, raising questions about energy use, local opposition and whether the spending could become a political issue.

Notably, Microsoft (MSFT), Amazon and Meta are among Pershing Square’s largest holdings. 

Ackman Sees Fannie Mae, Freddie Mac As Key Trump Policy Goal

Beyond AI, Ackman pointed to housing finance and energy prices as areas where the midterms could affect markets.

“One of the few significant things of economic policy the president can get done is resolving Fannie Mae and Freddie Mac,” Ackman stated. “[Even if] midterms go against the President, fortunately, this is something you can get done by executive order, and it's actually politically extremely important.”

Ackman noted that the administration may be waiting until after the midterm election to act. “The reason why it’s not being touched right now is you know midterms, post midterms,” he said.

Ackman Says Iran War Has Raised Political Stakes For Energy Prices

On energy, Ackman said the war with Iran pushed up prices, creating a political headwind for Republicans ahead of the midterm elections.

“No one likes higher oil prices. No one likes higher energy prices. But it’s a temporary phenomenon,” he said. “Very helpful to the Democrats in the midterms, but to the credit of the President, he knew when he launched this war that there was a meaningful risk that energy prices were going up.”

Ackman added that a divided Congress would make it harder for President Donald Trump to advance legislation. “Things that require Congress are going to be very difficult for the president to get done,” he said.

However, he played down the long-term consequences of the midterm results. “I think the country survives. I think it matters a lot who the next president is, more so than the outcome for the next two years in a divided Congress or otherwise,” he said.

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