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Pershing Square bought ICE after shares dropped 6% and the earnings multiple contracted, arguing AI makes ICE's proprietary, non-scrapable data more valuable.
CME and NDAQ outpace ICE year-to-date, but five straight earnings beats and a $4 billion buyback make ICE the value play in the group.
Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Intercontinental Exchange didn't make the cut. Enter your email to see the names that beat ICE. The report is free. Enter your email and see if any of your stocks made the cut.
Bill Ackman's Pershing Square disclosed in its 2Q26 letter to shareholders that it initiated a new position in Intercontinental Exchange (NYSE:ICE), the owner of the New York Stock Exchange. The letter argued that ICE shares had fallen over the year before the purchase while the earnings multiple contracted sharply, and that investors overestimated both the threat AI poses to the company's data and mortgage technology businesses and the danger perpetual futures pose to its exchanges.