'We're still very early in the super cycle,' says Altimeter Capital's Brad Gerstner

Watch on YouTube ↗  |  January 06, 2026 at 18:25  |  9:03  |  CNBC
Speakers
Brad Gerstner — CEO, Altimeter Capital
Scott Wapner — Host, CNBC

Summary

Brad Gerstner, founder and CEO of Altimeter Capital, joins Halftime Report to discuss his 2026 market outlook and portfolio positioning. He remains bullish on the AI infrastructure supercycle, saying capex is still early and Altimeter's largest bet is in AI infrastructure names such as NVIDIA, TSMC, SK Hynix, Samsung, Amazon, Microsoft, CoreWeave, and Google. He specifically favors NVIDIA on earnings growth and an undemanding multiple, added to CoreWeave on the pullback, and is watching Meta's AI transition without owning it today.

  • Brad Gerstner says 2026 is a stock-pickers market, not a broad beta year.
  • He remains very early in the AI capex supercycle, with capex rising from $150 billion in 2023 to over $500 billion this year.
  • Altimeter's biggest bet is AI infrastructure, including NVIDIA, TSMC, SK Hynix, Samsung, Amazon, Microsoft, CoreWeave, and Google.
  • He is bullish NVIDIA on strong earnings growth and an undemanding 25-26x multiple.
  • He added to CoreWeave, arguing not all neoclouds are equal and it trades around five times EBITDA.
  • He does not own Meta today but is watching its AI transition and would be happy to re-enter.
  • The macro backdrop includes lower taxes, rate cuts, controlled inflation, earnings growth, and reindustrialization, though risks remain.
Ideas
Brad Gerstner CEO, Altimeter Capital 4:16
Buy AI infrastructure; supercycle still early.
Gerstner says Altimeter is still very early in the AI capex supercycle: hyperscaler and neocloud capex has grown from $150 billion in 2023 to over $500 billion this year, and the spending is backed by purchase orders, buildings, power, and chips rather than speculation. Demand exceeds available powered shell—Amazon alone will deploy about six gigawatts this year and would buy more if it could. The majority of Altimeter's bet is in AI infrastructure, and he argues these stocks trade at mid-20s multiples so returns can come from earnings rather than multiple expansion.
NVDA TSM 000660.KS 005930.KS AMZN MSFT CoreWeave GOOG HIGH
Brad Gerstner CEO, Altimeter Capital 7:40
Watching Meta's AI transition for re-entry.
Gerstner does not own Meta today. He says Meta is in a tough transition to take advantage of AI and is not a market leader in AI, but it is a huge AI beneficiary with bright spots from the Scale AI acquisition, Alexander Wang, and a rebooted AI lab; he also credits Susan Lee with managing efficiency well. He would be happy to own Meta, but prefers lower-multiple AI infrastructure names with obvious growth catalysts, so he is reserving judgment.
META MED
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This CNBC video, published January 06, 2026, features Brad Gerstner discussing NVDA, TSM, 000660.KS, 005930.KS, AMZN, MSFT, CoreWeave, GOOG, META. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Brad Gerstner  · Tickers: NVDA, TSM, 000660.KS, 005930.KS, AMZN, MSFT, CoreWeave, GOOG, META