We break down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on May 15, 2024.
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
Portfolio Changes in Q1 2024
New positions
Altimeter initiated six new positions during Q1 2024, with Coupang (CPNG) being the largest at $70.6M, followed by Dell Technologies (DELL) at $55.8M and Broadcom (AVGO) at $52.5M. The firm also established new stakes in Alphabet (GOOGL) worth $43.2M, Astera Labs (ALAB) at $29.7M, and Coherent (COHR) valued at $26.0M.
Bought
Altimeter significantly increased its position in Tesla (TSLA), adding 433,030 shares to bring the total to 589,700 shares, and also expanded its Amazon (AMZN) holding by 252,585 shares to 1,507,305 total shares.
Sold
Altimeter reduced several major holdings, most notably trimming Snowflake (SNOW) by 2.1M shares and Confluent (CFLT) by 1.7M shares. The firm also made smaller reductions to its positions in PDD Holdings (PDD), Meta (META), Nvidia (NVDA), and Microsoft (MSFT), while maintaining meaningful stakes in all these companies.
New Investments in Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CPNG | Coupang | 25.4% | NEW | $70.57M |
| DELL | Dell Technologies | 20.1% | NEW | $55.83M |
| AVGO | Broadcom | 18.9% | NEW | $52.5M |
| GOOGL | Alphabet | 15.6% | NEW | $43.23M |
| ALAB | Astera Labs | 10.7% | NEW | $29.68M |
| COHR | Coherent | 9.3% | NEW | $25.96M |
Coupang CPNG
Brad Gerstner bought $70.57M of Coupang in Q1 2024. Coupang (CPNG) demonstrated strong performance in Q1 2025, with 21% FX-neutral revenue growth and expanding margins driven by operational efficiencies and product expansion. The company achieved a $107 million net income attributable to shareholders, marking a significant year-over-year improvement of $102 million. Recent initiatives, including a $1 billion stock buyback program, reflect confidence in its capital allocation strategy and long-term value creation.
- Q1 2025 revenue grew 21% year-over-year on an FX-neutral basis to $7.9 billion.
- Gross profit surged 31% FX-neutral, while operating income increased by $114 million year-over-year.
- Net income swung to $107 million in Q1 2025 from $5 million in the prior-year period, a 2,040% increase.
Dell Technologies DELL
Brad Gerstner bought $55.83M of Dell Technologies in Q1 2024. Dell Technologies reported 6% year-over-year revenue growth in Q1 Fiscal 2025 to $22.2 billion, driven by 42% surge in AI-optimized server demand. While operating income declined 14%, the company generated $1.0 billion operating cash flow and returned $1.1 billion to shareholders through buybacks and dividends. Recent 18% dividend increase and $10 billion share repurchase authorization signal confidence in FY26 guidance projecting 8% revenue growth.
- Q1 servers/networking revenue jumped 42% to $5.5 billion, while commercial client revenue grew 3%.
- Non-GAAP diluted EPS declined 3% to $1.27 despite 67% GAAP EPS growth from restructuring benefits.
- Generated $7.9 billion operating cash flow over trailing twelve months, supporting capital returns.
Broadcom AVGO
Brad Gerstner bought $52.5M of Broadcom in Q1 2024. Broadcom Inc. (AVGO) reported robust Q1 FY2025 results with revenue of $14.9B, up 25% YoY, driven by a 77% surge in AI-related revenue to $4.1B. The company’s stock surged 9% post-earnings, reflecting strong investor confidence in its AI infrastructure leadership and guidance for Q2 revenue of $14.9B (19% YoY growth). Its expanding partnerships with hyperscale providers and focus on AI-optimized hardware position it for sustained growth despite macroeconomic headwinds.
- Q1 AI revenue grew 77% YoY to $4.1B, accounting for 27.5% of total revenue.
- Adjusted EPS of $1.60 beat estimates by 5.96%, with free cash flow at $6.0B (40% of revenue).
- Stock gained 27% over the last 12 months, outperforming semiconductor peers amid AI-driven demand.
Alphabet GOOGL
Brad Gerstner bought $43.23M of Alphabet in Q1 2024. Alphabet (GOOGL) delivered strong Q1 2025 results with 12% revenue growth ($90.2B) and 46% net income growth ($34.5B), driven by AI-powered Search, 28% Google Cloud growth ($12.3B), and YouTube ads. The company raised its dividend by 5% and authorized a $70B stock buyback, while maintaining 34% operating margins. Recent AI advancements like Gemini 2.5 and AI Overviews (1.5B users/month) position it for continued momentum.
- EPS grew 49% to $2.81 compared to Q1 2024.
- Declared 5% dividend increase ($0.21/share) alongside $70B stock repurchase authorization.
- Shares rose 5% post-earnings despite being down 16% YTD through Thursday's close.
Astera Labs ALAB
Brad Gerstner bought $29.68M of Astera Labs in Q1 2024. Astera Labs (ALAB) reported robust Q1 2025 results with revenue of $159.4 million, up 144% YoY and 13% sequentially, driven by demand for AI/cloud connectivity solutions. The company exceeded earnings expectations with non-GAAP EPS of $0.33 (17.86% beat) and maintained a strong 74.9% GAAP gross margin. Recent product launches like its PCIe Gen 6 portfolio and expanded Cloud-Scale Interop Lab position it for sustained growth in data center infrastructure.
- Q1 revenue grew 144% YoY to $159.4M, surpassing guidance by 3.98%.
- Non-GAAP EPS of $0.33 exceeded estimates by 17.86%, though stock declined 3.32% post-earnings.
- Q2 revenue guidance of $170-$175M implies 7-10% sequential growth.
Coherent COHR
Brad Gerstner bought $25.96M of Coherent in Q1 2024. Coherent Corp. reported strong Q1 FY2025 results with revenue of $1.35 billion, up 28% YoY, driven by AI-related Datacom transceiver demand. GAAP gross margin expanded 499 bps YoY to 34.1%, while non-GAAP EPS surged 357% YoY to $0.74. Sequential revenue growth of 2.7% and improved operational efficiency signal sustained momentum in high-growth markets.
- Q1 FY2025 revenue grew 28% YoY to $1.35B, with sequential growth of 2.7% from Q4 FY24.
- Non-GAAP EPS improved 357% YoY to $0.74, while GAAP net loss narrowed by 94% YoY to $(0.04) per share.
- Gross margin expanded 499 bps YoY to 34.1% (GAAP) and 293 bps YoY to 37.7% (non-GAAP).
Holdings at the end of Q1 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SNOW | Snowflake | 25.5% | Trimmed (-17%) | $1.66B |
| META | Meta | 17.6% | Trimmed (-2%) | $1.14B |
| UBER | Uber | 15.8% | $1.03B | |
| NVDA | Nvidia | 11.0% | Trimmed (-1%) | $716.65M |
| MSFT | Microsoft | 10.7% | Trimmed (-0%) | $694.13M |
| CFLT | Confluent | 6.1% | Trimmed (-12%) | $396.62M |
| AMZN | Amazon | 4.2% | Added (+20%) | $271.89M |
| PDD | PDD Holdings | 3.2% | Trimmed (-6%) | $205.52M |
| TSLA | Tesla | 1.6% | Added (+276%) | $103.66M |
| CPNG | Coupang | 1.1% | NEW | $70.57M |
| DELL | Dell Technologies | 0.9% | NEW | $55.83M |
| AVGO | Broadcom | 0.8% | NEW | $52.5M |
| GOOGL | Alphabet | 0.7% | NEW | $43.23M |
| ALAB | Astera Labs | 0.5% | NEW | $29.68M |
| COHR | Coherent | 0.4% | NEW | $25.96M |
| MELI | MercadoLibre | 0.1% | $9.44M | |
| Grab | 0.0% | $653.82K |
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