Brad Gerstner's Trades and Holdings in Q3 2025

Breaking down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on November 14, 2025.

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
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Altimeter Capital executed a decisive pivot into AI semiconductor infrastructure during Q3 2025, establishing new positions in Broadcom, Synopsys, and Alphabet while exiting cloud-native software plays Datadog, Samsara, and CoreWeave amid concerns about valuation stretch and execution risk in the AI infrastructure buildout. The firm simultaneously reopened exposure to Chinese internet through PDD Holdings and Alibaba, betting on attractive valuations and AI-driven cloud revenue acceleration, while maintaining its top position in Grab from its earlier SPAC merger as the Southeast Asian superapp scales profitably.

New Investments

Broadcom AVGO

Brad Gerstner bought $245.71M of Broadcom in Q3 2025. Broadcom delivered exceptional Q3 FY 2025 results with record $16.0 billion revenue, up 22% year-over-year, driven by explosive 63% year-over-year growth in AI semiconductor revenue to $5.2 billion. The company is gaining substantial market share in the AI accelerator market with strong operational leverage reflected in 30% year-over-year adjusted EBITDA growth to $10.7 billion and 47% year-over-year free cash flow expansion to $7.0 billion. Elevated Q4 guidance of $17.4 billion revenue (up 24% YoY) and a record $110 billion backlog with at least 50% tied to semiconductor demand underscore sustained momentum from AI infrastructure investments and provide multi-year visibility.

• AI semiconductor revenue accelerated 63% year-over-year in Q3 to $5.2 billion, with Q4 guidance projecting 66% year-over-year growth to $6.2 billion, marking eleven consecutive quarters of AI growth.
• Free cash flow surged 47% year-over-year to $7.0 billion, representing 44% of revenue, while the company returned $2.8 billion to shareholders in Q3.
• Operating margin expanded 20 basis points sequentially to 65.5%, with operating income up 32% year-over-year to a record $10.5 billion.

PDD Holdings PDD

Brad Gerstner bought $181.29M of PDD Holdings in Q3 2025. PDD Holdings has demonstrated strong performance over the past 12 months, returning 19.7% and significantly outperforming both the US Multiline Retail industry and broader market. The company maintains exceptional profitability with a 57.45% gross margin and 23.91% net profit margin, supported by minimal leverage with a 1.5% debt-to-equity ratio. With Q3 earnings scheduled for release on November 18, 2025, analyst consensus shows 3 buy ratings with no sell ratings, positioning the company favorably ahead of this near-term catalyst.

• Up 19.7% over the past 12 months, outperforming the US Multiline Retail industry by 230 basis points and the broader market by 680 basis points.
• Net profit margin of 23.91% with reported EPS of $68.98 demonstrates strong operational efficiency and competitive moat.
• Consensus analyst target prices range from $105 to $165, with current price at $134.47 suggesting 22.6% upside to average target.

Alibaba BABA

Brad Gerstner bought $173.21M of Alibaba in Q3 2025. Alibaba has demonstrated strong long-term performance with 80.43% gains over the last 52 weeks, positioning itself as a key AI beneficiary in China through its cloud services and advertising infrastructure. However, near-term momentum has stalled with a -4.32% decline over the last month, reflecting market caution despite significant strategic AI investments in its Qwen models and cloud division. The company reported RMB 247.7 billion in Q1 FY2026 revenue with expected earnings to compound at 20% p.a. as it monetizes AI capabilities through its cloud platform while domestic e-commerce revenues are projected to grow approximately 10% p.a.

• Share price gained 80.43% over the last 52 weeks, significantly outperforming the broader global equities market which rose 7.6% in Q3 2025.
• Q1 FY2026 revenue reached RMB 247.7 billion with projected earnings compound growth of 20% p.a. as cloud monetization accelerates.
• One-month performance declined 4.32% despite recent AI product announcements including 50% price reductions on Qwen3-Max and new AI search tools for merchants.

Synopsys SNPS

Brad Gerstner bought $127.43M of Synopsys in Q3 2025. Synopsys showed mixed performance in Q3 2025, with revenue growing 14% year-over-year to $1.74 billion but missing analyst expectations of $1.80 billion, while the company's Design IP business underperformed and major customer foundry issues pressured results. The non-GAAP EPS of $3.39 reflected sequential decline from Q2's $3.40, with management taking a conservative view for Q4 despite the transformational Ansys acquisition closing in July 2025. Following an initial sharp sell-off exceeding 36%, the stock has shown modest recovery, though investors remain cautious about the company's ability to navigate geopolitical challenges and execute the IP business turnaround.

• Q3 2025 revenue reached $1.74 billion, up 14% year-over-year but representing a 3.3% miss versus the $1.80 billion estimate.
• Non-GAAP EPS declined sequentially from $3.40 in Q2 to $3.39 in Q3, indicating potential margin compression amid challenging conditions.
• Stock experienced sharp volatility following Q3 earnings, down over 36% from peaks before recovering approximately 13% as investors reassess the Ansys integration strategy.

Alphabet GOOGL

Brad Gerstner bought $76.12M of Alphabet in Q3 2025. Alphabet delivered record Q3 2025 results with $102.3 billion in revenue, up 16% year-over-year, demonstrating strong execution on AI monetization across Search, Cloud, and subscriptions. The company achieved its first-ever $100 billion quarter with AI-driven experiences like Gemini and AI Mode accelerating user engagement and query growth. Cloud momentum significantly accelerated with backlog growth of 46% quarter-over-quarter to $155 billion, signaling robust enterprise AI adoption and strong demand expected into 2026.

• Revenue grew 16% YoY to $102.3 billion with free cash flow margins at 23.9%, reflecting strong operational leverage and profitability expansion.
• Google Cloud accelerated 34% growth in Q3 with 46% backlog growth QoQ, now comprising 15% of total revenue and signaling AI-driven inflection.
• Gemini app reached 650 million monthly active users with queries up 3x from Q2, while AI Mode generated 75 million daily active users with 200%+ revenue growth from generative AI products.

Gemini GEMI

Brad Gerstner bought $38.34M of Gemini in Q3 2025. Gemini experienced strong revenue growth in Q3 2025, with net revenue surging 52% to $49.8 million and trading volumes jumping 45%, but this growth was overshadowed by a significant widening of net losses to $159.5 million from $90.2 million in Q3 2024, driven by IPO-related costs and operating expenses doubling to $171.4 million. The exchange's post-IPO performance has disappointed investors, with shares declining over 50% from IPO levels, extending 6% declines following the quarterly earnings release, reflecting skepticism about the path to profitability. However, strategic diversification initiatives—including the credit card program which generated over $350 million in quarterly spending with 100,000+ accounts and services revenue representing ~40% of total revenue—suggest management is positioning for long-term growth despite near-term losses.

• Q3 net revenue surged 52% to $49.8M with trading volume up 45% and credit card transactions up 100%.
• Net losses widened to $159.5M in Q3 2025 from $90.2M in Q3 2024, with operating expenses doubling to $171.4M year-over-year.
• Stock declined 6% following earnings release, extending a post-IPO decline that has halved the stock's value since September listing.

Pattern PTRN

Brad Gerstner bought $9.88M of Pattern in Q3 2025. Pattern Group delivered exceptional Q3 2025 results with record $640 million in revenue, representing 46% year-over-year growth and exceeding analyst expectations by $68 million. Despite a net loss of $59 million driven primarily by $92 million in stock-based compensation and IPO-related expenses, the company achieved a record Net Revenue Retention of 122%, demonstrating strong customer retention and expansion. International revenue surged 72% and adjusted EBITDA grew 88% year-over-year, signaling robust operational momentum across global markets.

• Revenue grew 46% YoY to $640 million, beating consensus estimates by $68 million..
• Record Net Revenue Retention of 122% demonstrates strong customer expansion and retention capabilities..
• International revenue increased 72% YoY with adjusted EBITDA up 88%, while stock surged 6.93% post-earnings announcement..

Netskope NTSK

Brad Gerstner bought $7.39M of Netskope in Q3 2025. Netskope completed a blockbuster IPO on November 13, 2025, opening at $23 (up 21% from the $19 IPO price) as investors recognized the strength of its AI-native cybersecurity platform addressing the high-growth cloud security market. The company demonstrates compelling growth metrics with 19.3% annual revenue growth and $615.51M in trailing twelve-month revenue, though it remains unprofitable with -$317.32M net income as it scales operations. With a consensus Strong Buy rating and an average analyst price target of $26.85 (representing 34% upside from current levels), the market is positioning Netskope as a key player in the enterprise CASB and SASE security solutions market.

• Revenue growing at 19.3% annually, significantly outpacing the US market average of 10.5%.
• Stock surged 21% post-IPO from $19 offering price, trading around $22.32 as of early November.
• Analyst price target of $26.85 implies 34% upside potential from current trading levels.

Added, Trimmed, and Exited

Added

Brad Gerstner added to four existing positions: Amazon (AMZN) increased by 702,611 shares to $475.91M (+48% return), Taiwan Semiconductor (TSM) by 201,468 shares to $298.47M (+52% return), Microsoft (MSFT) by 103,971 shares to $601.91M (+14% return), and Arm Holdings (ARM) by 164,931 shares to $155.38M (+3% return).
What it means: These additions signal conviction in the AI infrastructure stack across the value chain—from semiconductor manufacturing (TSM) and chip design (ARM) to cloud platforms (MSFT, AMZN). The significant capital allocation to Amazon and Taiwan Semiconductor, both up over 48%, demonstrates Gerstner's willingness to add aggressively to winners during periods of strong performance. The coordinated build across hyperscalers and semiconductor companies suggests Altimeter is positioning for sustained multi-year AI infrastructure spending cycles.

Trimmed

Altimeter trimmed ten positions: Confluent (CFLT) reduced by 4.3M shares (-42% return), Coupang (CPNG) by 1.4M shares (-6% return), Maplebear (CART) by 892K shares (-36% return), Robinhood (HOOD) by 649K shares (+22% return), Nvidia (NVDA) by 607K shares (+9% return), Snowflake (SNOW) by 397K shares (-13% return), Uber (UBER) by 364K shares (-1% return), Zillow Group (Z) by 200K shares (+1% return), MercadoLibre (MELI) by 8.7K shares (-27% return), and Meta (META) by 11K shares (-1% return).
What it means: The trimming reveals portfolio rebalancing driven by both risk management and valuation discipline. The aggressive reduction of Confluent (down 42%) and Maplebear (down 36%) suggests Gerstner is cutting underperformers decisively. More notably, the trim of winners like Nvidia and Robinhood (despite positive returns) indicates profit-taking at elevated valuations. The small reduction in Meta while adding to other AI infrastructure plays suggests Altimeter may be rotating from AI application layers toward enabling infrastructure, prioritizing companies directly benefiting from AI capital expenditure cycles over those monetizing AI through advertising or consumer products.

Exited

Brad Gerstner fully liquidated three positions: Samsara (IOT) worth $118.97M, Datadog (DDOG) worth $118.44M, and CoreWeave (CRWV) worth $105.91M.
What it means: The complete exit from Samsara, Datadog, and CoreWeave—totaling over $343M in positions—represents a strategic shift away from infrastructure software monitoring and specialized GPU cloud providers. The liquidation of CoreWeave is particularly notable given the company's focus on AI compute infrastructure; this suggests Altimeter may prefer the scale and integration advantages of hyperscalers like Amazon and Microsoft over niche GPU providers. The exits from Datadog and Samsara may reflect concerns about valuation compression in SaaS or competitive pressures as these companies face slower growth trajectories compared to direct AI beneficiaries.

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.