Brad Gerstner's Trades and Holdings in Q2 2026

Breaking down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Altimeter Capital, the technology-focused firm founded by Brad Gerstner, closed out the second quarter of 2026 doubling down on the artificial-intelligence infrastructure buildout, initiating fresh stakes in chipmakers and compute providers including Cerebras Systems, Qualcomm, Micron, Applied Materials, and Space Exploration Technologies (SpaceX), while exiting Broadcom and Axon. The moves reflect Gerstner's venture-meets-public-markets approach, rotating capital toward the semiconductor and hardware layer powering AI while maintaining core growth-oriented anchors in Snowflake, Robinhood, and Grab that underscore his continued conviction in cloud data platforms, fintech disruption, and emerging-market digital economies.

New Investments

Cerebras Systems Inc

Brad Gerstner bought $1.6B of Cerebras Systems Inc in Q2 2026. Over the last two quarters, Cerebras has reported strong first-quarter 2026 results followed by a second quarter in which cloud revenue grew roughly 281–287% year-over-year and contracted data center capacity reached about 600 MW, placing its growth among the fastest in AI infrastructure. Since the May 2026 IPO that raised about $5.55 billion at an initial market capitalization near $49 billion (rising to roughly $60 billion in the first week of trading), the stock has been volatile, rallying early before falling roughly 14% on the second post-IPO earnings report even as management raised full-year guidance. Key near-term drivers for further upside include the recent $1 billion Series H financing at a roughly $23 billion valuation that strengthens the balance sheet, a new collaboration with AMD on AI systems that boosted the shares, and a fast-growing inference cloud business that nearly quadrupled in Q2.

• Q2 2026 GAAP cloud revenue grew 281% year-over-year and core cloud revenue grew 287%, with about 600 MW of data center capacity under contract..
• In Feb 2026, Cerebras raised $1.0 billion in a Series H round at an approximately $23 billion post-money valuation, nearly tripling its prior valuation..
• The May 2026 IPO raised about $5.55 billion at $185 per share, valuing the company around $49 billion at listing and roughly $60 billion by the end of the first week..

Qualcomm

Brad Gerstner bought $347.87M of Qualcomm in Q2 2026. Over the last two quarters, revenue has eased from $10.6B in Q2 FY26 to $9.9B in Q3 FY26, a 4% year-over-year decline in the most recent quarter driven by ongoing weakness in the global smartphone market. Non-GAAP EPS fell from $2.65 in Q2 FY26 to $2.21 in Q3 FY26, roughly a 17–20% drop year over year and sequentially, reflecting compressed gross margin and higher R&D and SG&A expense. While near-term results trail many diversified semiconductor peers, Qualcomm is building value through record automotive revenues, growing IoT and early data center efforts, and returned $2.3B in Q3 FY26 via dividends and buybacks, positioning the stock to benefit as these growth engines scale.

• Q2 FY26 revenue was $10.6B with non-GAAP EPS of $2.65, both coming in at or above the high end of guidance..
• Q3 FY26 revenue declined to $9.9B, down 4% year over year, with non-GAAP EPS of $2.21 versus $2.77 a year ago..
• In Q3 FY26, Qualcomm returned $2.3B to shareholders, including $973M in dividends ($0.92 per share) and $1.4B of share repurchases totaling 8M shares..

Space Exploration Techn Corp

Brad Gerstner bought $303.53M of Space Exploration Techn Corp in Q2 2026. The position adds exposure to a rapidly scaling space and connectivity platform that in Q2 2026 delivered $7.8 billion of revenue, up 92% year-over-year and about 66% quarter-over-quarter from Q1’s roughly $4.7 billion, while adjusted EBITDA surged to about $3.5 billion (+191% YoY) and net loss narrowed to roughly $541 million, indicating that the business is gaining operating leverage even as it remains in investment mode. Compared with Q1 2026, when revenue was about $4.7 billion and loss from operations roughly $1.9 billion, Q2 performance was driven by the Connectivity segment (Starlink), which generated around $4.3 billion of revenue and approximately $1.66 billion of operating profit, while a contract backlog of about $47.5 billion and cash and investments totaling roughly $100 billion provide ample capacity to fund Starship and AI infrastructure and support ongoing growth. Key recent developments—including the June IPO, Q2 capital expenditures of roughly $18.4 billion as the company accelerates AI and Starship build‑out, and continued expansion of Starlink connectivity and launch cadence—have created near‑term share price volatility but materially enhance long‑term earnings potential, suggesting that any pullbacks reflect the intensity of the investment cycle rather than a deterioration in fundamentals.

• Q2 2026 revenue approximately $7.8 billion, up about 92% year-over-year and roughly 66% sequentially from Q1’s ~$4.7 billion.
• Q2 adjusted EBITDA about $3.5 billion, up roughly 191% year-over-year and more than tripling from Q1’s ~$1.1 billion.
• Ended Q2 2026 with roughly $100 billion in cash and marketable securities and about $47.5 billion in backlog, after Q2 capex near $18.4 billion.

Micron

Brad Gerstner bought $241.85M of Micron in Q2 2026. This purchase coincides with a period of explosive earnings momentum, as revenue surged from $23.86B in Q2 FY2026 to a record $41.46B in Q3 FY2026, driven by AI data-center DRAM and NAND demand and sharply higher pricing. Over the last 12 months, non-GAAP EPS expanded from about $1.91 to $25.11 and gross margin from roughly 37–39% to 84.9%, highlighting a decisive shift from cyclical trough to industry-leading profitability and cash generation. Management is guiding to further acceleration with Q4 FY2026 revenue of about $50B and EPS near $31, supported by expectations of AI-led memory shortages extending past 2027 and evidenced by the stock’s roughly 15% jump on the latest earnings, which together should support continued value creation.

• Q3 FY2026 revenue reached $41.46B, up 346% year over year and 74% sequentially..
• Non-GAAP EPS in Q3 FY2026 was $25.11, representing 1,215% year-over-year growth and 106% sequential growth..
• Non-GAAP gross margin expanded to 84.9% in Q3 FY2026 from 74% in Q2 FY2026 and around 39% a year earlier..

Applied Materials

Brad Gerstner bought $189.39M of Applied Materials in Q2 2026. In the most recent quarter, Applied Materials delivered record revenue of $9.115 billion, up 25% year over year, with non-GAAP EPS of $3.50, GAAP EPS of $3.17, and GAAP gross margin of 50.3%, underscoring accelerating earnings power driven by robust AI-related semiconductor demand. Momentum has strengthened over the last two quarters, as the prior quarter also set records with revenue of $7.91 billion, up 11% year over year, and non-GAAP EPS of $2.86, roughly 20% above the year-ago level and about 6.5% ahead of consensus, positioning the company’s growth and profitability ahead of many large-cap semiconductor equipment peers. With double-digit top-line growth, record operating income of about $3.08 billion this quarter and a raised Q4 FY2026 revenue outlook around $10.25 billion—roughly $0.71 billion above prior consensus—the company appears to be gaining share in AI-focused tools and has clear near-term catalysts for further multiple expansion and value creation.

• Q3 FY2026 revenue increased 25% year over year to $9.115 billion, with GAAP gross margin at 50.3% and GAAP diluted EPS up 43% to $3.17.
• Q2 FY2026 revenue reached $7.91 billion, up 11% year over year and 13% sequentially, while non-GAAP EPS rose about 20% to a record $2.86 and gross margin hit 50%.
• Management guided Q4 FY2026 revenue to around $10.25 billion, roughly $0.71 billion above prior consensus, alongside record cash from operations of about $3.04 billion and non-GAAP free cash flow of roughly $2.33 billion.

KLA

Brad Gerstner bought $174.46M of KLA in Q2 2026. Over the last two quarters, KLA has delivered accelerating growth, with revenue rising from $3.415 billion in fiscal Q3 FY26 to a record $3.66 billion in Q4 and non-GAAP EPS beating guidance in both periods.. Current-quarter performance is being driven by strong AI infrastructure investment, leading-edge foundry/logic demand, advanced packaging and a resilient services business, supporting gross margins around 62–62.4% and operating margins above 42%, which places the company among the more profitable semiconductor equipment vendors.. Although the share price reaction around Q4 results has been volatile—with an initial move of about 4% higher on the print followed by a mid-single- to low-double-digit pullback as guidance tempered expectations—the combination of consistent consensus beats, robust free cash flow and substantial quarterly capital returns positions the company to continue creating value as AI and advanced-node spending grow..

• Fiscal Q4 FY26 revenue grew 15% year over year and 7% sequentially to $3.66 billion..
• Fiscal Q3 FY26 revenue was $3.415 billion, up roughly 11% year over year, with non-GAAP EPS of about $9.40 beating estimates..
• Q4 FY26 non-GAAP gross margin was about 62.4% and operating margin around 43.7%, supporting free cash flow of roughly $817–906 million and shareholder returns of about $876 million in the quarter..

Lam Research

Brad Gerstner bought $170.77M of Lam Research in Q2 2026. Over the past 12 months, the company has delivered consistent upside on revenue and EPS, with the December 2025, March 2026, and June 2026 quarters all beating expectations and showing broad-based strength in systems and customer support-related revenue. In the most recent June 2026 quarter, revenue rose 15.1% sequentially to a record $6.72B, GAAP EPS reached $1.81, and margins expanded to a gross margin of 51.7% and operating margin of 37.4%, underscoring accelerating profitability and scale versus prior periods. The March 2026 quarter posted revenue of $5.84B up about 23.8% year over year and adjusted EPS of $1.47 beating consensus by roughly 7–9%, and management has raised its outlook for wafer fabrication equipment spending while committing over $3B to expand AI-focused R&D labs, suggesting the company is gaining share and strengthening fundamentals into the next quarter.

• March 2026 revenue grew 23.8% year over year to $5.84B, with adjusted EPS of $1.47 beating forecasts by about 7.9%.
• June 2026 revenue increased 15.1% sequentially to a record $6.72B, delivering GAAP EPS of 1.81 and gross margin of 51.7%.
• Management plans to invest over $3B across five years to expand global R&D labs and enhance AI-enabled chipmaking tools, supporting higher long-term ROI on new products.

Alphabet

Brad Gerstner bought $62.6M of Alphabet in Q2 2026. Over the last two quarters, Alphabet has delivered accelerating top-line growth, with Q2 2026 revenue up 24% year-over-year to $119.8 billion, operating income up 30% to $40.8 billion, and Cloud revenue surging 82% year-over-year to $24.8 billion, underscoring strong AI- and enterprise demand that is driving the current quarter’s outperformance. Q1 2026 already showed a similar step-up in fundamentals, with revenue up 22% to $109.9 billion, operating income up 30% to $39.7 billion, and EPS up 82% to $5.11, providing a solid growth base that the current quarter has further strengthened. Management is aggressively investing in AI infrastructure and data centers, lifting 2026 CapEx guidance toward roughly $195–$205 billion while still generating trailing-12-month free cash flow of $53.3 billion and holding $242.5 billion in cash and marketable securities, supporting long-term value creation despite near-term capital intensity.

• Q2 2026 revenue increased 24% year-over-year to $119.8 billion, with operating income up 30% to $40.8 billion and operating margin at 34%..
• Q1 2026 revenue rose 22% year-over-year to $109.9 billion, net income grew 81% to $62.6 billion, and EPS climbed 82% to $5.11..
• Trailing-12-month free cash flow reached $53.3 billion, versus Q2 2026 free cash flow of - $5.9 billion, while cash and marketable securities totaled $242.5 billion and long-term debt $98.2 billion..

Synopsys

Brad Gerstner bought $62.6M of Synopsys in Q2 2026. Over the last two quarters, Synopsys has delivered accelerated growth, with Q1 FY26 revenue of $2.41B and non-GAAP EPS of $3.77, followed by Q2 FY26 revenue of about $2.28B, up roughly 42% year over year and non-GAAP EPS of $3.35 that beat consensus estimates. Current-quarter performance is being driven by strong demand for AI-enabled chip design tools and the integration of Ansys, lifting design automation revenue to around $1.82B, expanding non-GAAP operating margin to roughly 39.5%, and generating free cash flow of about $575M even as GAAP EPS falls due to amortization and restructuring charges. With backlog near $11.3B, full-year FY26 revenue guidance raised to about $9.67B and EPS approaching $14.8, alongside new AI-focused collaborations and multi-die GPU design wins, Synopsys appears to be gaining momentum and is positioned for further value creation as AI and advanced semiconductor design investment grows.

• Q2 FY26 revenue rose about 42% year over year to roughly $2.28B, supported by approximately $652M contribution from the Ansys acquisition..
• Q1 FY26 delivered non-GAAP EPS of $3.77 on revenue of $2.41B, beating the consensus estimate by roughly $0.21 and generating free cash flow of about $822M with backlog around $11.3B..
• Non-GAAP operating margin reached approximately 39.5% in Q2 FY26, with free cash flow of about $575M and raised FY26 EPS guidance to roughly $14.4–$14.8..

Added, Trimmed, and Exited

Added

Altimeter added to five existing positions in Q2 2026: Coreweave Inc (+1,574,620 shares, now valued at $604.6M, +73.5% return), Amazon (+335,793 shares, now valued at $578.1M, +32.8% return), Taiwan Semiconductor (+63,680 shares, now valued at $682.6M, +47.9% return), NVIDIA (+77,550 shares, now valued at $1.88B, +15.7% return), and Microsoft (+84,450 shares, now valued at $473.0M, +8.0% return).
What it means: Gerstner is doubling down on the core AI infrastructure and hyperscaler complex that has powered Altimeter's portfolio, adding most aggressively to Coreweave Inc and Amazon even after both names had already delivered strong gains. This suggests conviction that the AI capex supercycle—reflected in the massive new stakes in Cerebras Systems Inc and Space Exploration Techn Corp—still has room to run, and that leading chipmakers (NVIDIA, Taiwan Semiconductor) and cloud infrastructure providers remain the highest-conviction ways to express that view despite rich valuations.

Trimmed

Altimeter trimmed three positions: Meta (-598,383 shares, now valued at $763.3M, -31.7% return), Uber (-599,332 shares, now valued at $532.0M, -7.2% return), and Arm Holdings (-73,468 shares, now valued at $582.2M, but +124.3% return).
What it means: The Meta trim alongside a sharp negative return suggests the firm may be reallocating capital away from a mega-cap AI spender that has seen its own capex concerns weigh on sentiment, redirecting proceeds toward pure-play infrastructure and semiconductor names with more direct AI leverage. Notably, the Arm Holdings reduction came even as the position more than doubled in value, indicating disciplined profit-taking rather than a loss of conviction, while the modest Uber trim looks more like routine position sizing than a thesis change.

Exited

Altimeter fully exited two positions during the quarter: Axon (previously 148,986 shares valued at $63.3M) and Broadcom (previously 67,094 shares valued at $20.8M).
What it means: Both exits were relatively small holdings, and their removal—paired with substantial new capital deployed into Cerebras Systems Inc, Qualcomm, Space Exploration Techn Corp, and several semiconductor equipment names—points to active portfolio concentration around next-generation AI compute, chip design, and space/connectivity infrastructure rather than a broader risk-off signal from the firm.

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.