Brad Gerstner on AI Super Cycle, Market Outlook, and Portfolio Positioning for 2026

Market Outlook and 2026 Positioning

• 🎯 Brad Gerstner believes we are still very early in the AI super cycle, contrasting it with the recovery phase of 2023-2024.
• ⚠️ He acknowledges potential headwinds for 2026, citing factors like geopolitical events and tariff decisions, but sees a generally positive operating framework.
• 📈 The positive framework includes lower taxes, an ongoing rate-cutting cycle, controlled inflation, earnings growth, and significant investment in AI and re-industrialization.

Nvidia and AI Infrastructure Investment

• 💡 Gerstner views Nvidia's keynote as more of the same, highlighting the company's continued strength in AI chips and robotics.
• 💰 He emphasizes that Nvidia doesn't need multiple expansion for returns, as its earnings growth is substantial, with current multiples considered reasonable.
• 🚀 Altimeter Capital has increased its long exposure to the market, with the biggest bet placed on AI infrastructure, including companies like Nvidia, TSMC, and Coreweave.
• 📊 Capex in data centers is projected to surge from $150 billion in 2023 to over $500 billion in 2026, indicating massive, tangible investment.

Coreweave and Meta Investment Strategy

• 🧩 Gerstner sees Coreweave as a unique opportunity, having added to their position despite market punishment, citing its performance and strategic importance.
• ⚠️ He differentiates Coreweave from other