We break down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on May 15, 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
Portfolio Changes in Q1 2025
New Positions
Altimeter established six new holdings including a put position in Invesco QQQ Trust (QQQ) worth $463M, Robinhood Markets (HOOD) at $120M, Coreweave inc at $111M, Alibaba Group (BABA) at $71M, Arm Holdings (ARM) at $19M, and Sailpoint inc at $5M.
Bought
The firm significantly increased its stake in Coupang (CPNG) by 1.46M shares, Confluent (CFLT) by 1.30M shares, Instacart (CART) by 811K shares, Astera Labs (ALAB) by 397K shares, Flutter (PDYPF) by 188K shares, Amazon (AMZN) by 174K shares, Uber (UBER) by 78K shares, and Zillow Group (Z) by 23K shares.
Sold
Altimeter completely exited positions in Alphabet (GOOGL), Tesla (TSLA), Taiwan Semiconductor (TSM), Salesforce (CRM), Samsara (IOT), Twilio (TWLO), Micron (MU), and Duolingo (DUOL), while reducing holdings in Snowflake (SNOW) by 2.03M shares, Rubrik (RBRK) by 810K shares, NVIDIA (NVDA) by 695K shares, MercadoLibre (MELI) by 33K shares, Microsoft (MSFT) by 18K shares, and Meta Platforms (META) by 7K shares.
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| QQQ | Invesco QQQ Trust | 9.3% | NEW | $463,292,960 |
| HOOD | Robinhood Markets, Inc. | 2.4% | NEW | $120,103,417 |
| Coreweave inc | 2.2% | NEW | $111,222,795 | |
| BABA | Alibaba Group Holding Limited | 1.4% | NEW | $71,453,125 |
| ARM | Arm Holdings plc American Depositary Shares | 0.4% | NEW | $18,752,325 |
| Sailpoint inc | 0.1% | NEW | $4,687,500 |
Invesco QQQ Trust QQQ
Altimeter bought 988,000 shares of Invesco QQQ Trust in Q1 2025. Invesco QQQ Trust (QQQ) delivered a 12.7% total return over the last 12 months as of April 2025, outperforming both the S&P 500 and its Morningstar large-growth category. This growth aligns with its long-term trend of beating the S&P 500 in 7 of the last 10 years, driven by concentrated exposure to disruptive tech innovators. Recent patent filings by Nasdaq-100 companies in AI and energy transition sectors position QQQ for continued leadership in innovation-driven markets.
- 15.7% annualized return over 3 years and 17.5% over 5 years as of April 2025.
- Maintains 5-star Morningstar rating (top 1% of large-cap growth funds) for 10-year risk-adjusted performance.
- 2nd-most traded US ETF with $47,878 growth from $10,000 invested 10 years ago as of April 2025.
Robinhood Markets, Inc. HOOD
Altimeter bought 2,885,714 shares of Robinhood Markets, Inc. in Q1 2025. Robinhood Markets, Inc. has demonstrated robust growth over the last 12 months, with total net revenues increasing 50% year-over-year to $927 million in Q1 2025 and net income surging 114%. The stock has significantly outperformed the S&P 500, rising nearly 70% year-to-date in 2025, driven by strategic initiatives like its cryptocurrency expansion and AI-driven product launches. Recent catalysts include a Bank of America price target increase to $65 and the acquisition of Canadian crypto exchange WonderFi.
- Stock surged nearly 70% in 2025, outperforming the S&P 500 by over 90 percentage points.
- Cryptocurrency transaction revenue reached $252 million in Q1 2025, reflecting growing adoption.
- Price-to-sales ratio remains 38% above long-term average, signaling high growth expectations despite valuation concerns.
Coreweave Inc CRWV
Altimeter bought 2,999,536 shares of Coreweave inc in Q1 2025. CoreWeave Inc. has demonstrated explosive growth over the last 12 months, driven by surging demand for its cloud infrastructure services. The company reported 420% year-over-year revenue growth in Q1 2025, reaching $982 million, while achieving an industry-leading 74.24% gross margin. Recent strategic partnerships and contract wins totaling $15.9 billion, including an $11.9 billion deal with OpenAI, position the company for continued expansion in the AI infrastructure sector.
- Revenue backlog surged to $25.9 billion as of March 2025, including $14.7 billion in remaining performance obligations.
- Stock price gained 22.65% in the past week, trading near 52-week highs at $67.46 with a $31.31 billion market cap.
- Analyst price target increased 36% to $75 following strong earnings, reflecting 15% revenue beat versus consensus estimates.
Alibaba Group Holding Limited BABA
Altimeter bought 540,370 shares of Alibaba Group Holding Limited in Q1 2025. Alibaba Group demonstrated resilience with 7% revenue growth and 279% net income growth in FY2025, though shares fell 8% post-Q4 earnings due to profit misses. The company is gaining in cloud/AI (18% quarterly cloud growth) while facing intense e-commerce competition from JD.com and PDD. Despite a 60% YTD rally earlier, shares remain 57% below Morningstar's $336 fair value estimate.
- Q4 customer management revenue grew 12% YoY despite macroeconomic headwinds.
- $11.9B share repurchases in FY2025 reduced outstanding shares by 5.1%.
- Stock trades at 43% discount to 5-year average P/E ratio of 25.8x.
Arm Holdings Plc (ADR) ARM
Altimeter bought 175,600 shares of Arm Holdings plc American Depositary Shares in Q1 2025. Arm Holdings plc has demonstrated strong financial performance over the past 12 months, with revenue growing 23.94% to $4.01 billion and earnings surging 158.82% to $792 million. The stock has shown volatility, trading between $80 and $188.75 over the past year, but remains 19.81% below the average analyst price target of $155.82. Recent gains of 4.2% were driven by market share expansion in microprocessors and AI-related semiconductor demand.
- Revenue increased 23.94% year-over-year, outperforming industry growth averages.
- EPS grew to $0.75 with a forward P/E ratio of 72.52, reflecting high growth expectations.
- Gained 281 basis points in microprocessor market share (reaching 13.6%) in Q1 2025, challenging Intel's dominance.
Sailpoint Inc SAIL
Altimeter bought 250,000 shares of Sailpoint inc in Q1 2025. SailPoint Inc. demonstrated strong growth over the last 12 months, with 23.16% revenue growth ($861.61M in FY2024) and 29% year-over-year ARR growth to $877 million. The company is gaining momentum in SaaS adoption, with SaaS ARR jumping 39% to $540 million, while expanding its enterprise customer base. Recent leadership appointments and focus on AI-driven identity security position it to capitalize on the growing $25B+ identity management market.
- ARR grew 29% YoY to $877M in FY2025, with SaaS ARR comprising 61% of total ARR.
- 38.99% upside potential to analysts' average price target of $25.88 (vs current $18.59).
- 80% YoY increase in customers with >$1M ARR, demonstrating enterprise traction.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| META | Meta Platforms, Inc. | 21.3% | Sold | $1,057,987,165 |
| NVDA | NVIDIA Corporation | 15.6% | Sold | $774,968,697 |
| QQQ | Invesco QQQ Trust | 9.3% | New | $463,292,960 |
| SNOW | Snowflake Inc. | 8.7% | Sold | $430,789,645 |
| UBER | Uber Technologies, Inc. | 8.3% | Bought | $412,846,764 |
| MSFT | Microsoft Corporation | 7.4% | Sold | $366,035,281 |
| CFLT | Confluent, Inc. | 6.1% | Bought | $305,706,356 |
| AMZN | Amazon.com, Inc. | 4.0% | Bought | $198,851,190 |
| CPNG | Coupang, Inc. | 3.3% | Bought | $163,190,889 |
| CART | Instacart (Maplebear Inc.) | 2.7% | Bought | $133,556,826 |
| PDYPF | Flutter | 2.5% | Bought | $125,931,235 |
| HOOD | Robinhood Markets, Inc. | 2.4% | New | $120,103,417 |
| Coreweave inc | 2.2% | New | $111,222,795 | |
| Z | Zillow Group, Inc. Class C | 1.8% | Bought | $90,742,862 |
| BABA | Alibaba Group Holding Limited | 1.4% | New | $71,453,125 |
| ALAB | Astera Labs, Inc. Common Stock | 1.2% | Bought | $58,577,860 |
| RBRK | Rubrik, Inc. | 1.0% | Sold | $50,735,543 |
| ARM | Arm Holdings plc American Depositary Shares | 0.4% | New | $18,752,325 |
| MELI | MercadoLibre, Inc. | 0.1% | Sold | $6,437,872 |
| Sailpoint inc | 0.1% | New | $4,687,500 | |
| TTAN | ServiceTitan, Inc. | 0.1% | $3,804,400 | |
| Grab | 0.0% | $1,421,812 | ||
| GOOGL | Alphabet Inc. | 0.0% | Sold Out | $0 |
| TSLA | Tesla, Inc. | 0.0% | Sold Out | $0 |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 0.0% | Sold Out | $0 |
| CRM | Salesforce, Inc. | 0.0% | Sold Out | $0 |
| IOT | Samsara Inc. | 0.0% | Sold Out | $0 |
| TWLO | Twilio Inc. | 0.0% | Sold Out | $0 |
| MU | Micron Technology, Inc. | 0.0% | Sold Out | $0 |
| DUOL | Duolingo, Inc. | 0.0% | Sold Out | $0 |
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