Brad Gerstner's Trades and Holdings in Q1 2026

Breaking down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on May 15, 2026.

Who are Brad Gerstner and Altimeter?

Altimeter is a technology-focused investment firm founded by Brad Gerstner in 2008. The firm manages both private and public equity investments with an emphasis on high-growth technology sectors. Altimeter has built its reputation through prescient early investments in transformative tech companies like Uber and Snowflake, employing a strategy that bridges venture capital insights with public market discipline.

Altimeter.com
Wikipedia on Altimeter
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Brad Gerstner's Altimeter Capital deepened its high-conviction, AI-first posture in Q1 2026, adding fresh stakes in chip architect Arm Holdings and public-safety technology platform Axon Enterprise while exiting a swath of positions — including Alphabet, MercadoLibre, Coupang, Confluent, and Zillow Group — in a decisive portfolio concentration around secular technology supercycles. The $15 billion firm, which bridges venture-capital insight with public-market discipline, anchored its concentrated book around infrastructure and platform businesses it views as direct beneficiaries of the ongoing artificial-intelligence buildout, with Southeast Asian super-app Grab representing a notable emerging-market digital-platform bet atop the portfolio.

New Investments

Arm Holdings ARM

Brad Gerstner bought $259.51B of Arm Holdings in Q1 2026. Over the last two quarters, Arm has delivered strong fundamental momentum, with trailing-twelve-month revenue rising from $4.01B to about $4.92B and EPS in the most recent quarter reaching $0.60 versus $0.55 a year ago. In the latest reported quarter, the company beat EPS expectations of $0.54 by roughly 11% and continued to gain traction in servers, with Arm-based CPUs reaching about 17.7% unit share, reinforcing the view that it is taking incremental compute share from incumbent architectures. The stock is up 56.36% over the past 12 months, trades just over 10% below its $239.50 52-week high at an elevated ~270x P/E, and is supported by a consensus target of $214.64 and roughly 81% Buy-or-better analyst ratings, indicating that recent share gains in cloud, AI, and edge workloads are a key driver of the current valuation.

• Trailing-twelve-month revenue has grown about 23%, from $4.01B to approximately $4.92B.
• Most recent quarterly EPS was $0.60, up from $0.55 in the prior-year quarter and about 11% above the $0.54 consensus estimate.
• Shares are up 56.36% over the last year, with a current P/E of roughly 270x and a 52-week trading range of $100.02–$239.50.

Axon Enterprise AXON

Brad Gerstner bought $63.27B of Axon Enterprise in Q1 2026. Over the last two quarters, the company has sustained strong momentum, with Q4 2025 revenue rising 38.5% year over year to $796.7 million and Q1 2026 revenue up a further 34% year over year to roughly $807 million, both ahead of Street expectations and driven by continued adoption of TASER devices, sensors, and cloud software. Profitability has scaled alongside growth—Q4 2025 adjusted EPS of $2.15 beat consensus by about 34.5% and adjusted EBITDA margin reached roughly 25.9%, while the balance sheet carries about $737 million in cash against $1.83 billion of debt, supporting ongoing investment in product and AI capabilities. The stock trades at a premium valuation with forward P/E around 125.5x, trailing P/E near 129.6x, and a PEG ratio of roughly 4.4x, yet recent analyst targets in the $679–$860 range (with some highs near $1,000) reflect confidence that recurring revenue growth, expanding margins, and AI-enabled product advantages can support further value creation despite sector-wide multiple compression.

• Q1 2026 revenue grew 34% year over year to roughly $807 million, beating analyst expectations by about 3–4%.
• Q4 2025 revenue was $796.7 million, up 38.5% year over year, with adjusted EPS of $2.15 beating consensus by roughly 34.5% and adjusted EBITDA margin at about 25.9%.
• Shares trade at a forward P/E of roughly 125.5x and PEG near 4.4x, versus a Street consensus price target in the approximately $679–$860 range.

Added, Trimmed, and Exited

Added

Brad Gerstner and Altimeter added meaningfully to six existing positions in Q1 2026: Uber (UBER) (+2.4M shares, ~+43%), CoreWeave (+1.3M shares, ~+40%), Nvidia (NVDA) (+1.2M shares, ~+15%), Taiwan Semiconductor (TSM) (+146K shares, ~+12%), Meta (META) (+108K shares, ~+6%), and most aggressively Broadcom (AVGO), which was nearly doubled (+35K shares, ~+109%).
What it means: The adds paint a consistent picture: Altimeter is doubling down on the full AI compute and infrastructure stack. Increasing Nvidia (NVDA), Taiwan Semiconductor (TSM), and Broadcom (AVGO) simultaneously signals conviction in the hardware layer powering AI workloads. The aggressive build in CoreWeave and the top-up in Uber (UBER) suggest Gerstner sees AI-native cloud infrastructure and AI-enabled consumer platforms as the next leg of value creation. The near-doubling of Broadcom (AVGO) is particularly notable given its growing custom AI silicon (XPU) business — a quiet but rapidly scaling competitor to merchant GPU solutions.

Trimmed

Altimeter trimmed four existing positions: Robinhood (HOOD) saw the steepest cut (-394K shares, ~-30%), followed by Amazon (AMZN) (-126K shares, ~-6%), Snowflake (SNOW) (-101K shares, ~-5%), and Microsoft (MSFT) (-94K shares, ~-7%).
What it means: The trim in Robinhood (HOOD) stands out as the most decisive, likely reflecting profit-taking after a sharp run-up or reduced near-term conviction in retail brokerage amid a more uncertain macro backdrop. The modest reductions in Amazon (AMZN) and Microsoft (MSFT) may reflect a rotation away from diversified mega-cap tech toward more concentrated AI infrastructure plays — the capital freed here appears to have been redeployed into Nvidia (NVDA), Broadcom (AVGO), and CoreWeave. The Snowflake (SNOW) trim is consistent with a broader reevaluation of data cloud platforms in an era where AI-native data tools are increasingly challenging legacy cloud data warehouse models.

Exited

Altimeter fully liquidated seven positions in Q1 2026: Coupang (CPNG), Confluent (CFLT), Alphabet (GOOGL), Zillow Group (Z), MercadoLibre (MELI), Shopify (SHOP), and Bloom Energy (BE).
What it means: This is the most dramatic signal of the quarter. Exiting seven positions — including names as large as Alphabet (GOOGL), MercadoLibre (MELI), and Shopify (SHOP) — represents a significant portfolio concentration move. The exits suggest Gerstner is narrowing focus sharply toward pure-play AI infrastructure and scaled platform businesses, stepping away from e-commerce (Coupang (CPNG), MercadoLibre (MELI), Shopify (SHOP)), data streaming (Confluent (CFLT)), search/cloud (Alphabet (GOOGL)), proptech (Zillow Group (Z)), and clean energy (Bloom Energy (BE)). Selling Alphabet (GOOGL) entirely while aggressively buying AI infrastructure names is a pointed statement — it implies Altimeter may view Alphabet's AI transition as slower or riskier relative to the picks-and-shovels plays it is accumulating.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.