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“I’ve been skeptical of software now for two years.” On CNBC Halftime with Scott Wapner (Scott Wapner), Brad Gerstner (Brad Gerstner) explained why many software names have reverted from a decade of premium multiples back toward market multiples in the AI era. “The closer you are to a point... show more

Altimeter Capital

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Brad Gerstner (Brad Gerstner) joined CNBC’s Halftime Report with Scott Wapner (Scott) to address the software selloff. In a moment of “exponential change,” investors say “fog of war” and put application software in the “too hard bucket” — not because they’re “missing earnings or revenue today,” but because future free cash flows are harder to predict. Watch the conversation⬇️

Brad Gerstner (Brad Gerstner) joined CNBC’s Halftime Report with Scott Wapner (Scott) to address the software selloff. In a moment of “exponential change,” investors say “fog of war” and put application software in the “too hard bucket” — not because they’re “missing earnings or revenue today,” but because future free cash flows are harder to predict. Watch the conversation⬇️

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Scott Wapner (Scott Wapner) pointed to AI leaders publicly warning about the technology they are building. Brad Gerstner (Brad Gerstner) said that is the point, and it started a decade ago. "America's leaders, starting with Elon Musk back in 2016, said this will be the most positive thing we can ever build for humanity, but we have to do it safely. We've been having this conversation in Silicon Valley for a decade."

Scott Wapner (Scott Wapner) pointed to AI leaders publicly warning about the technology they are building. Brad Gerstner (Brad Gerstner) said that is the point, and it started a decade ago. "America's leaders, starting with Elon Musk back in 2016, said this will be the most positive thing we can ever build for humanity, but we have to do it safely. We've been having this conversation in Silicon Valley for a decade."

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Last week on CNBC Halftime, Brad Gerstner (Brad Gerstner) broke down the AI selloff — first with Scott Wapner (Scott Wapner), then alongside Jensen Huang (NVIDIA): With Scott Wapner on markets + AI CapEx: "There's a fog of war when the rate of change goes parabolic." "When the smartest guys in the world — Sundar, Elon, Andy Jassy, Mark Zuckerberg — are all saying we are going to earn a return on this investment, my bet is on them." With Jensen Huang on AI infrastructure + U.S. competitiveness: "This is like building the interstate highway system — $700 billion of investment, all funded by profitable private companies in America." "Could you imagine being large early investors in Google, Amazon, and Meta? Incredible. And that's what we're looking at." As founder of Invest America | Trump Accounts | Trump Accounts, Brad is focused on ensuring every American has a stake in the future being built. Watch the conversation 👇

Last week on CNBC Halftime, Brad Gerstner (Brad Gerstner) broke down the AI selloff — first with Scott Wapner (Scott Wapner), then alongside Jensen Huang (NVIDIA): With Scott Wapner on markets + AI CapEx: "There's a fog of war when the rate of change goes parabolic." "When the smartest guys in the world — Sundar, Elon, Andy Jassy, Mark Zuckerberg — are all saying we are going to earn a return on this investment, my bet is on them." With Jensen Huang on AI infrastructure + U.S. competitiveness: "This is like building the interstate highway system — $700 billion of investment, all funded by profitable private companies in America." "Could you imagine being large early investors in Google, Amazon, and Meta? Incredible. And that's what we're looking at." As founder of Invest America | Trump Accounts | Trump Accounts, Brad is focused on ensuring every American has a stake in the future being built. Watch the conversation 👇

Altimeter Capital

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Scott Wapner (Scott Wapner) opened by asking Brad Gerstner (Brad Gerstner) about the week's AI safety debate. Brad said the conversation is a decade old, nothing in it was new, and the coverage ignored the guardrails already in place. "I've not talked to a single person in AI who says full steam ahead, disregard safety. It turns out we all care about kids." On what is already happening: lab safety systems built with serious money and compute, deep coordination with national security, and public transparency reporting.

Scott Wapner (Scott Wapner) opened by asking Brad Gerstner (Brad Gerstner) about the week's AI safety debate. Brad said the conversation is a decade old, nothing in it was new, and the coverage ignored the guardrails already in place. "I've not talked to a single person in AI who says full steam ahead, disregard safety. It turns out we all care about kids." On what is already happening: lab safety systems built with serious money and compute, deep coordination with national security, and public transparency reporting.

Altimeter Capital

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💰 Brad Gerstner responds to Treasury Secretary Treasury Secretary Scott Bessent's warning that AI companies have done a "horrendous job" explaining themselves: "I totally agree with him... this idea that we have this ever-expanding wealth gap. The benefits are going to a small group, and they're stuck with the anxiety that maybe their kid won't be able to get a job. The answer to that... is we have to get everybody into the game of capitalism. They all have to share in the upside of AI. We've created 9 million capital accounts for kids across the country... I think all the AI labs will make huge contributions to this. I think we'll expand it to include all 70 million kids under the age of 18." - Brad Gerstner, Founder and CEO of Altimeter Capital and champion of Trump Accounts with Scott Wapner Scott Wapner on CNBC Friday, Sept 11th, 2026

💰 Brad Gerstner responds to Treasury Secretary Treasury Secretary Scott Bessent's warning that AI companies have done a "horrendous job" explaining themselves: "I totally agree with him... this idea that we have this ever-expanding wealth gap. The benefits are going to a small group, and they're stuck with the anxiety that maybe their kid won't be able to get a job. The answer to that... is we have to get everybody into the game of capitalism. They all have to share in the upside of AI. We've created 9 million capital accounts for kids across the country... I think all the AI labs will make huge contributions to this. I think we'll expand it to include all 70 million kids under the age of 18." - Brad Gerstner, Founder and CEO of Altimeter Capital and champion of Trump Accounts with Scott Wapner Scott Wapner on CNBC Friday, Sept 11th, 2026

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😳 Brad Gerstner on the ex-Anthropic researcher who told America AI could end humanity in three years: "To go on national television in a highly coordinated way and sit in the living room on NBC, on ABC, on CBS, on Fox, and have a single researcher who spent six weeks at Anthropic tell the moms and dads of America that this can kill all of humanity in the next three years without any countervailing conversation is deeply irresponsible. Jensen Huang yesterday called it deeply untrue. Andrew Feldman, the founder of Cerebras, who spent decades studying this, called it utter horseshit. Elon himself said it was a coordinated psyop." - Brad Gerstner with Scott Wapner Scott Wapner on CNBC Friday, Sept 11th, 2026

😳 Brad Gerstner on the ex-Anthropic researcher who told America AI could end humanity in three years: "To go on national television in a highly coordinated way and sit in the living room on NBC, on ABC, on CBS, on Fox, and have a single researcher who spent six weeks at Anthropic tell the moms and dads of America that this can kill all of humanity in the next three years without any countervailing conversation is deeply irresponsible. Jensen Huang yesterday called it deeply untrue. Andrew Feldman, the founder of Cerebras, who spent decades studying this, called it utter horseshit. Elon himself said it was a coordinated psyop." - Brad Gerstner with Scott Wapner Scott Wapner on CNBC Friday, Sept 11th, 2026

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📊 Brad Gerstner on the single number the entire AI trade now hinges on: "This is the single most important data point in the market today: is Anthropic's monthly revenue, is OpenAI's monthly revenue, going to be $4 billion or $8 billion? It's almost hard to get your head around. Most of us who've been in venture capital for a long time, if you got to a billion dollars in software revenue over four or five years, you were in the top 5% of software companies. But this is what the world is now pricing in." — Brad Gerstner, Founder and CEO of Altimeter Capital, at the All-in Summit.

📊 Brad Gerstner on the single number the entire AI trade now hinges on: "This is the single most important data point in the market today: is Anthropic's monthly revenue, is OpenAI's monthly revenue, going to be $4 billion or $8 billion? It's almost hard to get your head around. Most of us who've been in venture capital for a long time, if you got to a billion dollars in software revenue over four or five years, you were in the top 5% of software companies. But this is what the world is now pricing in." — Brad Gerstner, Founder and CEO of Altimeter Capital, at the All-in Summit.

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"Warren Buffett has this old metaphor: the yes basket, the no basket, and the too-hard basket. For me, software is generally in the too-hard basket." — Brad Gerstner Brad shows how the recent rerating of software stocks simply brought them down to the average market P/E ratio. "So when I hear everybody crying, 'Hey, these multiples aren't fair,' it looks to me like the multiples reset from an above-market multiple — where everybody thought the revenue and earnings were impenetrable — to now, they're saying, 'Maybe 3-5 years out, they'll be replaced. So we're going to raise the discount rate and lower the multiple.' They've only lowered it to the market multiple." "Let me just suggest there's a possibility [software] will trade well below the market multiple. I'm not wishing for that, I'm just saying there's a distribution of potential outcomes here." "If you get on the AI train, if you get in the token flow, you're gonna get an above-market multiple. If you don't, if you slow down and it looks like every time that computational intelligence improves, your business gets worse, then I promise you, [you] will trade below the market multiple."

"Warren Buffett has this old metaphor: the yes basket, the no basket, and the too-hard basket. For me, software is generally in the too-hard basket." — Brad Gerstner Brad shows how the recent rerating of software stocks simply brought them down to the average market P/E ratio. "So when I hear everybody crying, 'Hey, these multiples aren't fair,' it looks to me like the multiples reset from an above-market multiple — where everybody thought the revenue and earnings were impenetrable — to now, they're saying, 'Maybe 3-5 years out, they'll be replaced. So we're going to raise the discount rate and lower the multiple.' They've only lowered it to the market multiple." "Let me just suggest there's a possibility [software] will trade well below the market multiple. I'm not wishing for that, I'm just saying there's a distribution of potential outcomes here." "If you get on the AI train, if you get in the token flow, you're gonna get an above-market multiple. If you don't, if you slow down and it looks like every time that computational intelligence improves, your business gets worse, then I promise you, [you] will trade below the market multiple."

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Altimeter's Brad Gerstner at #DeliveringAlpha: Google has been a "monopoly, a tax collector" on everything on the internet for 20 years. "They are the verb that collects the tax ... So, what is the verb in the age of AI? Do you Bard? Or do you ChatGPT?"

Altimeter's Brad Gerstner at #DeliveringAlpha: Google has been a "monopoly, a tax collector" on everything on the internet for 20 years. "They are the verb that collects the tax ... So, what is the verb in the age of AI? Do you Bard? Or do you ChatGPT?"

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“AI is changing the value prop of software.” We spoke with Metronome CEO Scott Woody about why AI requires a new business model. “In the cloud era…the value of the software scales as your org scales.” “In AI, the software is now doing work on your behalf…so the core value of the software is not who in my org has access to the data, it's what can this software do for me? When the value shifts from access to output, the business model has to follow.

“AI is changing the value prop of software.” We spoke with Metronome CEO Scott Woody about why AI requires a new business model. “In the cloud era…the value of the software scales as your org scales.” “In AI, the software is now doing work on your behalf…so the core value of the software is not who in my org has access to the data, it's what can this software do for me? When the value shifts from access to output, the business model has to follow.

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📈 Brad Gerstner on the insane revenue numbers coming out of Anthropic: "We had a $6 billion month out of Anthropic in February...It was only a 28-day month. That's more revenue than the annual revenue of Databricks and Snowflake – that are two of the greatest software companies of all time after 12 years, right? They could do, in the first four or five months of this year, the total revenue of SpaceX this year." –Brad Gerstner on The All-In Podcast

📈 Brad Gerstner on the insane revenue numbers coming out of Anthropic: "We had a $6 billion month out of Anthropic in February...It was only a 28-day month. That's more revenue than the annual revenue of Databricks and Snowflake – that are two of the greatest software companies of all time after 12 years, right? They could do, in the first four or five months of this year, the total revenue of SpaceX this year." –Brad Gerstner on The All-In Podcast

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Brad Gerstner Brad Gerstner discussing why CoreWeave $CRWV is the only neocloud position he likes.. Interesting to hear from someone who knows Jensen, Altman, Satya etc. very well.. "We were investors in CoreWeave when it was a private company. We've been investors, you know, as they entered the public market and it's pulled back here, we've added to our position. We're not adding to other neoclouds. We don't think other neoclouds are created equal. We think CoreWeave stands alone in terms of its performance, the software that it's build on top of the cloud, its execution capability, its strategic importance to Nvidia in terms of deploying Rubin, etcetera. So we think it makes a really interesting opportunity."

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Brad Gerstner: Elon Just Merged the Two Biggest Markets in the World Brad Gerstner: “You're merging the two biggest TAMs in the world, right?” “All of artificial intelligence and all of space, together with the world's greatest entrepreneur.” “(Elon) said, ‘I'm going to have datacenters in space in 30 months,’ right?” “And if you're going to have a massive cost advantage with data centers in space – and remember, power is the proxy, power is the primitive to AI – if you can deliver that, then Elon’s your guy, and the combination of those make perfect sense.” “But Elon is like, kind of an N-of-one in his ability to dream this.” “I think that there will be dramatic retail demand and institutional demand, who want to bet on that future.”

Brad Gerstner: Elon Just Merged the Two Biggest Markets in the World Brad Gerstner: “You're merging the two biggest TAMs in the world, right?” “All of artificial intelligence and all of space, together with the world's greatest entrepreneur.” “(Elon) said, ‘I'm going to have datacenters in space in 30 months,’ right?” “And if you're going to have a massive cost advantage with data centers in space – and remember, power is the proxy, power is the primitive to AI – if you can deliver that, then Elon’s your guy, and the combination of those make perfect sense.” “But Elon is like, kind of an N-of-one in his ability to dream this.” “I think that there will be dramatic retail demand and institutional demand, who want to bet on that future.”

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"We wouldn't be here without you," says Brad Gerstner (Brad Gerstner) to President Donald J. Trump on the launch of Trump Accounts. "We’re committed to the next 250, and what that means is not a million kids in America, not 2 million kids in America—EVERY child in America. All 70 million kids under the age of 18 deserve to have one of these accounts. We’re going to get the accounts open for them."

"We wouldn't be here without you," says Brad Gerstner (Brad Gerstner) to President Donald J. Trump on the launch of Trump Accounts. "We’re committed to the next 250, and what that means is not a million kids in America, not 2 million kids in America—EVERY child in America. All 70 million kids under the age of 18 deserve to have one of these accounts. We’re going to get the accounts open for them."

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Brad Gerstner: Anthropic could *ADD* $200B of Revenue in 2027 - “We’ve never seen anything like this in the history of the world.” Brad Gerstner: “Let me be provocative here. If (Anthropic) ends the year with over $100 billion (in revenue), I think they're on a revenue trajectory that could 3-5x again next year. We've never seen anything like this.” @jason: “You're saying $100B to $300B, or $100B to $400B.” Brad: “Our minds were blown if a company could go from $100M to $300M. Now we're talking from $100B to $300B. $200B of incremental revenue is incomprehensible in the history of Silicon Valley.” Chamath Palihapitiya: “In the history of the world.” Brad: “Yeah, in the history of the world. The fact that we're even talking anywhere close to this tells us something different is going on here. I think the thing that's different is that intelligence is the largest TAM we've ever seen in the history of the world. These guys are penetrating it.”

Brad Gerstner: Anthropic could ADD $200B of Revenue in 2027 - “We’ve never seen anything like this in the history of the world.” Brad Gerstner: “Let me be provocative here. If (Anthropic) ends the year with over $100 billion (in revenue), I think they're on a revenue trajectory that could 3-5x again next year. We've never seen anything like this.” @jason: “You're saying $100B to $300B, or $100B to $400B.” Brad: “Our minds were blown if a company could go from $100M to $300M. Now we're talking from $100B to $300B. $200B of incremental revenue is incomprehensible in the history of Silicon Valley.” Chamath Palihapitiya: “In the history of the world.” Brad: “Yeah, in the history of the world. The fact that we're even talking anywhere close to this tells us something different is going on here. I think the thing that's different is that intelligence is the largest TAM we've ever seen in the history of the world. These guys are penetrating it.”

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"Who is behind all of this negativity? Is it coordinated? Where is the money coming from? The Economist is out with a story just this week that, despite all the doomers, who said 10% of all jobs would have gone away by now, in fact, AI has created a million new jobs in America. We learn that all of this catastrophizing about data centers may, in fact, have had support from the CCP. So I want a little investigation. Who is behind all of this negativity? Is it coordinated? Where is the money coming from?" - Brad Gerstner (Brad Gerstner ), Founder and CEO of Altimeter Capital on CNBC Television ---- From "CNBC Television" YouTube channel, (full video link in comment)

"Who is behind all of this negativity? Is it coordinated? Where is the money coming from? The Economist is out with a story just this week that, despite all the doomers, who said 10% of all jobs would have gone away by now, in fact, AI has created a million new jobs in America. We learn that all of this catastrophizing about data centers may, in fact, have had support from the CCP. So I want a little investigation. Who is behind all of this negativity? Is it coordinated? Where is the money coming from?" - Brad Gerstner (Brad Gerstner ), Founder and CEO of Altimeter Capital on CNBC Television ---- From "CNBC Television" YouTube channel, (full video link in comment)

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TOUR: Inside the $100 Heart CAC scan saving lives Brad Gerstner (Brad Gerstner): " Heart attacks are a dumb way to die. Because they are preventable." "Half of the people who have heart attacks every year have cholesterol in the normal zone.. I'm not saying that all doctors are involved in a grand conspiracy by telling us to track our cholesterol. What I'm telling you is the evidence on the street that 800,000 people/year are dying of this, tells you that that's not enough."

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