Altimeter Capital CEO Touts AI's Potential, Foresees Impact Surpassing Internet, Mobile Tech

Brad Gerstner, CEO of Altimeter Capital, has expressed strong optimism for the potential of artificial intelligence (AI), declaring it to be more impactful than the internet or mobile technology.

Gerstner made these remarks at the CNBC Delivering Alpha Investor Summit on Thursday.

Altimeter Capital, headquartered in Boston, Massachusetts, and Menlo Park, California, stands out as a prominent investment firm with a global focus on technology investments across public and private markets. As of the close of 2022, its assets under management reached $17.9 billion.

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Gerstner’s comments come amid a surge of interest in AI this year, a trend that led Nvidia Corp. NVDA to rise 190% and exceed a market cap of $1 trillion.

He compared the growth of AI to the dotcom boom of the late 90s, cautioning that this “super-cycle” may lead to market uncertainties and conflicting sentiments in its early stages.

Despite these potential challenges, Gerstner appeared hopeful about the future. He cited the nearing end of the Federal Reserve’s tightening cycle and a robust IPO pipeline for the upcoming three quarters as reasons for his optimism, CNBC reported.

Notably, Altimeter Capital held significant stakes in Meta Platforms Inc. META, Microsoft Corp. MSFT, and Nvidia at the end of the second quarter.

According to the most recent 13F filing, Altimeter Capital’s portfolio showed a significant concentration in Snowflake Inc. SNOW, representing a 48% share of the portfolio.

Here’s a breakdown of the top 5 holdings in Altimeter Capital’s portfolio as of June 30, 2023:

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