Billionaire investor Bill Ackman announced that his hedge fund Pershing Square has taken a new stake in Microsoft, calling the technology giant's valuation "compelling" after the stock's decline during the first quarter.

Ackman built the Microsoft position during the first quarter sell-off, betting on the company's artificial intelligence capabilities and cloud computing growth prospects. The investor indicated he views the tech company as underpriced at current levels and plans to disclose the size of the stake in regulatory filings on Friday.

The Microsoft investment represents Pershing Square's confidence in the technology sector's AI-driven transformation. Ackman has previously expressed optimism about companies positioned to benefit from artificial intelligence adoption and cloud infrastructure demand.

Meanwhile, other significant corporate activity emerged across multiple sectors. Private equity firms Blackstone and Clayton Dubilier & Rice are reportedly exploring potential bids for Magnum, the parent company of Ben & Jerry's ice cream, according to sources familiar with the matter. Magnum's stock price surged following reports of the potential takeover interest.

In the semiconductor industry, Taiwan Semiconductor Manufacturing Company announced plans to sell 152 million shares in chipmaker Vanguard. Separately, Japanese memory chip manufacturer Kioxia is preparing for a US stock market listing after benefiting from the artificial intelligence boom that has driven strong profits in the semiconductor sector.

The flurry of investment activity and corporate announcements reflects ongoing interest in technology companies and AI-related businesses, as investors seek to capitalize on the sector's growth potential amid market volatility.