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As artificial intelligence becomes embedded across the economy, activists are increasingly using it as a lens to challenge underperformance, pressing companies in sectors from social media to crypto mining to deploy AI faster, sharpen operations and unlock new revenue. “Deploy AI properly.” Irenic Capital Management’s message to Snap was blunt as it made the messaging platform its test case for an AI lever. On March 31, the activist unveiled a six-point plan it said could more than triple the social media platform’s valuation to $35 billion, with AI headlining one, and central to two more of its recommended initiatives. In Irenic’s view, artificial intelligence should not only be “properly” deployed but put at the core of cost rationalization and monetization enhancements via in-app advertising. Irenic’s push for change at the disappearing message platform – which subsequently announced a rationalization based on laying off around 16% of its headcount - could well be a sign of the times. “AI is increasingly an important issue for investors and activists because many companies have reported substantial efficiencies driven by AI,” a Randian Capital representative told Diligent Market Intelligence (DMI). On April 1, Randian issued its own call for change at Snap, including a suggestion that it make better use of AI “to drive operational efficiency.” By early May, following an earnings call it felt did not address investors’ concern, the activist was of the view that more drastic measures were needed, calling in turn for the company to put itself up for sale. Lack of urgency The pressure on Snap is one of a growing number of AI-based activist theses being deployed at household-name, internet-enabled brands over recent months. In March, Starboard Value settled with Tripadvisor, which agreed to add four directors after pressure grew in the wake of a 2025 annual meeting where Chair Greg Maffei faced 70% opposition, with two other directors facing upward of 45% pushback on their return. Maffei is set to step down at this year’s annual meeting. Escalating its campaign in mid-February, 9% stakeholder Starboard warned it could aim to overhaul Tripadvisor’s board. After having “invested significant time” discussing the company’s approach to AI, the activist lamented what it deemed a lack of urgency despite holiday planning emerging as one of the most popular use-cases of the technology. “Tripadvisor has been massively late and incredibly slow to develop and launch a compelling AI-enabled version of Tripadvisor,” Starboard had argued. Anson Funds has also pitched AI-tinged shake-ups at some of its portfolio companies, including at dating app Match, where it secured a board seat for former TV executive Kelly Campbell in a March 2025 settlement. “There are plenty of opportunities within the technology space, but also in media and other industries we focus on,” said Sagar Gupta, portfolio manager at Anson Funds. The Texas-based firm has also worked with Lionsgate Studios in ensuring AI is harnessed. ""We think the value of a company with an attractive, recognizable IP library is going to grow significantly in the AI era. The plummeting cost of production is something incumbent studios can — and will — take advantage of," he told DMI. "We're doing a lot of work with Lionsgate, helping them develop a framework for thinking through AI adoption — both playing defense (internal productivity) and playing offense (new revenue)." Cross sector As AI is made increasingly pervasive across multiple industries outside tech, activists are looking for openings at companies where a case can be made that adoption has been too slow or insufficiently ambitious. “Activist investors are increasingly focused on ensuring that underperforming companies are similarly pursuing efficient operating models and leveraging the newest technologies,” Randian’s representative explained. “Every single sector of the economy is going to be dramatically impacted by AI,” according to Lauren Gojkovich, founder and managing partner at LDG Advisory, who believes that companies will come under increasing pressure to use AI to enhance operations across all facets of business. Starboard’s AI-focused efforts have also crossed into crypto, pressuring U.S. bitcoin miner Riot Platforms to remake itself from cryptocurrency company to power provider to exploit opportunities in the storage-and-electricity-hungry AI industry. Riot “must urgently seize” the opportunity to take advantage of high demand, Starboard said, pointing to the 1.7 GW at the company’s disposal in Texas. Palliser Capital, meanwhile, has identified AI-based opportunity at Japanese food giant Ajinomoto, which the London-based activist sees as undervalued by up to 70% due to a failure to make the most of “one of most critical materials technologies underpinning global AI infrastructure” and a “unique strategic positioning within the global AI supply chain.” Known for its umami seasoning, Ajinomoto also makes a key component of semiconductor substrates that are in turn needed to manufacture AI processors. Palliser has argued that the company is under-charging for such an in-demand product – calling it the “industry standard insulating film.” In a similar move, Palliser issued a mid-February call for Japan-based Toto to capitalize on the AI boom via its side computer chip manufacturing business. Around two months later, Palliser commended the toilet seat maker for making a start on reforms that the activist believed could lead to a 55% valuation increase. Back to basics Although AI is a relatively new catalyst, activists are using it to reinforce long-standing themes around efficiency, margins and capital discipline. “Activists are looking to drive improved operational efficiency, productivity, and in many cases, new revenue opportunities,” said Gupta. "AI gives companies a way to restructure or reorganize their business in ways that simply weren't possible before." For Gojkovich, activism’s increasing AI focus is driving a switch back to basics – with operational demands likely to match or even surpass other key levers such as M&A. “Through the power of AI and ,the ability to drive efficient operations, I think we are going to see a resurgence of more operationally focused, margin-focused activism campaigns,” she explained, predicting that companies that make the most of AI “will begin to really stand out from the pack.”
