Bill Ackman said he sees no bubble in U.S. stocks, but blamed leverage, same-day options, sports betting and perpetual futures for casino-like swings; he said Tuesday they hurt the country but let Pershing Square buy Microsoft during this year’s software sell-off and Amazon after its tariff slump. Pershing expects 20% annual earnings growth over the next three to five years, versus 13% for the S&P 500, according to BeInCrypto; Ackman rejected a Roaring 20s comparison, citing rising profit forecasts and reasonable valuations, and said the U.S. cannot slow its AI race. He called private startup funding more bubble-like but defended Ramp’s $44 billion valuation in June.