Halftime Report Altimeter's Brad Gerstner on his Current Market Outlook 5/4/26
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May 4, 2026 
Brad Gerstner, Founder and CEO of Altimeter Capital, talks market outlook and AI-focused investing. He discusses hyperscaler capex validating AI revenue, heavy allocations to compute and memory names, the competitive landscape between AI model makers, and why he rotated out of certain mega-caps. Also previews his plan for nationwide child investment accounts.
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AI Revenues Justified Hyperscaler Spending
- Altimeter sees AI-driven revenue proving hyperscaler CapEx was justified with Amazon, Google and Microsoft reporting huge cloud growth this quarter.
- Brad holds big positions in compute, logic and memory and calls NVIDIA undervalued despite huge orders guidance.
Memory Stocks Look Extremely Cheap
- Memory and logic stocks trade very cheaply on fully taxed GAAP earnings, often around 5x, implying market doubts about durability.
- Altimeter believes durability is different this cycle and that memory names are undervalued and core to their portfolio.
Don't Day Trade AI Momentum
- Avoid trying to day-trade the AI momentum; you'll likely be whipsawed by big short-term moves.
- Brad says missing a few critical weeks can cost years of returns, so stay patient and long-term in allocation.