We break down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on August 14, 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 Q2 2024
New positions
Altimeter established six new positions in Q2 2024, with the largest being Amphenol (APH) at $136.4 million, followed by Salesforce (CRM) at $93.5 million and Apple (AAPL) at $57.2 million. The firm also initiated smaller positions in Samsara (IOT) at $27.5 million, Rubrik (RBRK) at $5.4 million, and Webtoon Entertainment (WBTN) at $2.7 million.
Bought
Altimeter made significant additions to existing holdings, most notably nearly 10x-ing their Nvidia (NVDA) position from 793,145 shares to 7.7 million shares, increasing the position value to $956.3 million. The firm also dramatically expanded their Alphabet (GOOGL) stake by 135% and made a massive 730% increase to their MercadoLibre (MELI) position, growing it from $9.4 million to $85.2 million. Additional notable increases included Coupang (CPNG) and smaller additions to Dell Technologies (DELL).
Sold
Altimeter completely liquidated three positions during Q2 2024, exiting Tesla (TSLA) worth $103.7 million, Broadcom (AVGO) worth $52.5 million, and Coherent (COHR) worth $26.0 million. The firm also trimmed several existing positions, most significantly reducing their Snowflake (SNOW) holding by 730,343 shares, bringing the position value down from $1.66 billion to $1.29 billion. Smaller reductions were made to Confluent (CFLT), Amazon (AMZN), Meta (META), and Uber (UBER).
New Investments in Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| APH | Amphenol | 42.3% | NEW | $136.44M |
| CRM | Salesforce | 29.0% | NEW | $93.48M |
| AAPL | Apple | 17.7% | NEW | $57.16M |
| IOT | Samsara | 8.5% | NEW | $27.49M |
| RBRK | Rubrik | 1.7% | NEW | $5.37M |
| WBTN | Webtoon Entertainment | 0.8% | NEW | $2.74M |
Amphenol APH
Brad Gerstner bought $136.44M of Amphenol in Q2 2024. Amphenol delivered record Q1 2025 performance with sales surging 48% YoY to $4.8 billion and adjusted EPS jumping 58% to $0.63, driven by strategic acquisitions and AI-driven demand in datacom markets. The company achieved a 21.3% GAAP operating margin and 23.5% adjusted operating margin, while guiding Q2 sales to $4.9-$5.0 billion. Despite tariff-related risks, Amphenol's 1.1 book-to-bill ratio and $765M operating cash flow signal sustained growth momentum.
- Q1 sales grew 48% YoY to $4.8B with 58% EPS growth.
- Record adjusted operating margin of 23.5%, up 210bps YoY.
- Q2 guidance projects $4.9-$5.0B sales and $0.64-$0.66 EPS.
Salesforce CRM
Brad Gerstner bought $93.48M of Salesforce in Q2 2024. Salesforce reported Q1 FY2025 revenue of $9.13B, up 11% YoY, driven by its AI CRM leadership and strong operational efficiency. Operating cash flow surged 39% YoY to $6.25B, with $2.6B returned to shareholders via buybacks and dividends. The company maintained full-year revenue guidance of $37.7B–$38.0B (up 8–9% YoY), signaling confidence in sustained AI-driven demand.
- Q1 subscription revenue grew 12% YoY to $8.59B, accounting for 94% of total revenue.
- Non-GAAP operating margin expanded 450 basis points YoY to 32.1%, reflecting cost discipline.
- Current remaining performance obligation increased 10% YoY to $26.4B, indicating strong future revenue visibility.
Apple AAPL
Brad Gerstner bought $57.16M of Apple in Q2 2024. Apple reported record Q1 2025 revenue of $124.3 billion, up 4% YoY, despite a 1% decline in iPhone sales. Strong performance in Mac (+16%), iPad (+15%), and Services (+14%) segments offset weaker Wearables sales. Net income grew 7.1% to $36.33 billion, with diluted EPS increasing 10.1% to $2.40.
- Q1 services revenue reached $26.34 billion, now representing 21% of total sales.
- Gross margin expanded to 45.9% from 44.3% YoY, driven by higher-margin services and product mix.
- Apple returned $18.65 billion to shareholders through dividends and buybacks in Q1.
Samsara IOT
Brad Gerstner bought $27.49M of Samsara in Q2 2024. Samsara (IOT) demonstrated accelerating growth in its latest quarter, with 37% year-over-year revenue growth to $280.7 million in Q1 FY2025, maintaining momentum from previous quarters. The company achieved 4 percentage-point gross margin expansion (76% GAAP) through operational efficiency gains while scaling its Connected Operations Cloud platform. Strategic partnerships with complex enterprise clients and clear ROI focus position Samsara to capitalize on the $96B IoT market opportunity.
- Annual Recurring Revenue grew 37% YoY to $1.18B in Q1 FY2025, matching revenue growth rate at scale.
- GAAP gross profit increased 48% YoY to $212.1M as margins expanded through platform leverage.
- Scheduled Q1 FY2026 earnings release on June 5, 2025 will provide updates on enterprise adoption and AI-driven product enhancements.
Rubrik RBRK
Brad Gerstner bought $5.37M of Rubrik in Q2 2024. Rubrik (RBRK) demonstrated strong growth in its Q1 FY2025 with 46% year-over-year Subscription ARR growth to $856.1M and 38% revenue growth to $187.3M, driven by large enterprise deals. Despite posting a net loss of -$1.15B over the trailing twelve months, the company beat Q4 revenue estimates by 10.7% ($258.1M vs. $233.1M) and projects sequential revenue growth to $195M-$197M in Q2. While the stock has surged 225% from its 52-week low, analysts express caution with a consensus price target 22% below current levels amid concerns about FY2026 growth guidance.
- Subscription ARR surged 46% YoY to $856.1M in Q1, with 1,859 customers generating $100K+ ARR (+41% YoY).
- Q4 revenue beat estimates by 10.7% ($258.1M vs. $233.1M) while EPS missed by -$0.22 (-$0.61 vs. -$0.39 expected).
- Stock price up 32.4% over the last month, trading at 92.35 USD with 17.86B market cap, despite negative trailing EPS of -$7.48.
Webtoon Entertainment WBTN
Brad Gerstner bought $2.74M of Webtoon Entertainment in Q2 2024. WEBTOON Entertainment reported Q1 2025 revenue of $325.7 million, exceeding estimates, driven by 5.3% constant currency growth across all revenue streams. While posting a net loss of $22.0 million, the company delivered an adjusted EPS of $0.03 (vs. estimated -$0.09) and maintains a robust cash position of $550.1 million. Japan remains a key growth engine, contributing over 50% of revenue, with strategic initiatives showing early traction in paid content and IP adaptations.
- Q1 revenue beat analyst estimates by $1.4M ($325.7M actual vs. $324.3M estimate).
- Achieved 12.3% YoY growth in paid content revenue, with Japan showing strength across all business segments.
- Maintains strong liquidity with $550.1M cash despite $22M net loss, supporting continued international expansion.
Holdings at the end of Q2 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| SNOW | Snowflake | 19.2% | Trimmed (-7%) | $1.29B |
| META | Meta | 17.2% | Trimmed (-3%) | $1.16B |
| UBER | Uber | 14.6% | Added (+1%) | $982.27M |
| NVDA | Nvidia | 14.2% | Added (+876%) | $956.3M |
| MSFT | Microsoft | 10.8% | Trimmed (-1%) | $726.58M |
| CFLT | Confluent | 5.7% | Trimmed (-1%) | $380.61M |
| AMZN | Amazon | 4.1% | Trimmed (-5%) | $277.18M |
| PDD | PDD Holdings | 3.4% | Trimmed (-3%) | $227.9M |
| APH | Amphenol | 2.0% | NEW | $136.44M |
| GOOGL | Alphabet | 1.8% | Added (+135%) | $122.87M |
| CPNG | Coupang | 1.6% | Added (+34%) | $110.95M |
| CRM | Salesforce | 1.4% | NEW | $93.48M |
| MELI | MercadoLibre | 1.3% | Added (+730%) | $85.16M |
| DELL | Dell Technologies | 1.0% | Added (+1%) | $68.12M |
| AAPL | Apple | 0.8% | NEW | $57.16M |
| IOT | Samsara | 0.4% | NEW | $27.49M |
| ALAB | Astera Labs | 0.4% | $24.2M | |
| RBRK | Rubrik | 0.1% | NEW | $5.37M |
| WBTN | Webtoon Entertainment | 0.0% | NEW | $2.74M |
| Grab | 0.0% | $561.9K | ||
| TSLA | Tesla | 0.0% | Exited | $0 |
| AVGO | Broadcom | 0.0% | Exited | $0 |
| COHR | Coherent | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
