Brad Gerstner Q1 2026 Portfolio — ARM Initiated, 5 Positions Fully Exited

Brad Gerstner's Altimeter Capital Management LP disclosed in its Q1 2026 13F filing that it initiated new positions in ARM ($260M) and AXON ($63M) while fully divesting five holdings — CPNG, Confluent, GOOGL, Z, and MELI. Total AUM stands at $5.7B across 13 holdings, reflecting the firm's continued high-conviction, concentrated portfolio strategy.

Top 5 Holdings — Q1 2026

• NVDA: $1.6B (28.6%)
• META: $1.1B (19.6%)
• UBER: $573M (10.1%)
• TSM: $462M (8.1%)
• MSFT: $438M (7.7%)

Q1 2026 Key Portfolio Moves

The most significant development this quarter was a sweeping portfolio consolidation. Altimeter fully exited five positions — CPNG ($370M), Confluent ($210M), GOOGL ($163M), Z ($149M), and MELI ($138M) — liquidating approximately $1.03B in aggregate exposure. On the buy side, the firm initiated a $260M position in ARM, a core player in the AI semiconductor ecosystem, and added AXON at $63M, a public safety and law enforcement AI platform.

• ARM: New position at $260M — expanding semiconductor ecosystem exposure on rising AI inference chip demand
• AXON: New position at $63M — diversifying into public safety and law enforcement AI platforms
• UBER: Increased +43% → $573M — re-rated as a key beneficiary platform in the autonomous driving and AI logistics era
• NVDA: Increased +15% → $1.6B — reinforcing the top position as the primary AI infrastructure cycle beneficiary
• CPNG: Fully exited $370M → 0 — reduced valuation appeal in e-commerce; capital redeployed to higher-conviction ideas
• GOOGL: Fully exited $163M → 0 — position closed amid uncertainty over AI-driven search competition

Conviction in core holdings remained firm. NVDA was increased by +15% to $1.6B (28.6%), cementing its position as the portfolio's largest holding. META rose +6% to $1.1B (19.6%), ranking second. UBER saw the most aggressive increase at +43%, climbing to $573M (10.1%). On the trimmed side, MSFT was reduced by -7%, AMZN by -6%, and HOOD was cut -30% to $62M.

AI Infrastructure Focus: Accelerating Concentration

Gerstner's Q1 2026 repositioning makes a clear statement: Altimeter is doubling down on AI infrastructure and platform plays. AI-related assets including NVDA, META, UBER, TSM, ARM, and CRWV now account for over 70% of the portfolio, while non-AI and emerging market exposure has been sharply reduced. The extreme concentration of just 13 holdings reflects a high-conviction, best-ideas philosophy — and further reallocation toward the strongest AI infrastructure beneficiaries appears likely as the investment cycle matures.