We break down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on February 14, 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 Q4 2024
New positions
Altimeter established five new positions during Q4 2024, with the largest being Maplebear (CART) at $105.1M, followed by Flutter Entertainment (PDYPF) at $98.3M, and Twilio (TWLO) at $63.0M. The firm also initiated positions in Micron (MU) worth $51.7M and a smaller stake in ServiceTitan (TTAN) valued at $4.1M.
Bought
Altimeter significantly increased several existing positions, most notably adding 52% more shares to Zillow Group (Z) and 31% more shares to Alphabet (GOOGL). The firm also substantially increased its stake in Astera Labs (ALAB) by 46%, boosting the position value from $21M to $77M, while making modest additions to Nvidia (NVDA) and Samsara (IOT).
Sold
Altimeter completely liquidated four positions totaling $348M, including China Internet (KWEB) worth $193M, Broadcom (AVGO) at $68M, and Futu (FUTU) at $55M. The firm also dramatically reduced several major holdings, cutting Uber (UBER) by 58% from $1.0B to $337M, Duolingo (DUOL) by 84%, and Snowflake (SNOW) by 42%, while trimming positions in Microsoft (MSFT), MercadoLibre (MELI), and Meta (META).
New Investments in Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| CART | Maplebear | 32.6% | NEW | $105.11M |
| PDYPF | Flutter Entertainment | 30.5% | NEW | $98.29M |
| TWLO | Twilio | 19.6% | NEW | $63M |
| MU | Micron | 16.1% | NEW | $51.72M |
| TTAN | ServiceTitan | 1.3% | NEW | $4.11M |
Maplebear CART
Brad Gerstner bought $105.11M of Maplebear in Q4 2024. Maplebear (CART) reported mixed Q1 2025 results, missing earnings estimates by 2.63% with EPS of $0.37 but delivering a 9.4% YoY revenue growth to $897 million. Despite recent volatility, including a 13.6% single-day surge on April 25 followed by a slight dip, the stock has outperformed the S&P 500 year-to-date (-3.7% vs -5.3%). The company has beaten EPS estimates in three of the last four quarters, though Q1 marked its first miss since Q2 2024.
- Q1 2025 EPS of $0.37 missed estimates by 2.63%, breaking a three-quarter streak of positive surprises that included a 43.24% beat in Q4 2024.
- Revenue grew 9.4% YoY to $897 million, continuing seven consecutive quarters of top-line expansion.
- Shares show heightened volatility with a 13.6% intraday gain on April 25 followed by a 0.6% decline the next day, while maintaining a 1.6 percentage point advantage over the S&P 500 YTD.
Flutter Entertainment PDYPF
Brad Gerstner bought $98.29M of Flutter Entertainment in Q4 2024. Flutter Entertainment reported strong Q1 2025 results with 8% revenue growth to $3.67B and a remarkable turnaround to $335M net profit from a $177M loss in Q1 2024. The US segment drove performance with 18% revenue growth, while strategic platform migrations and operational efficiencies fueled margin expansion. Recent updates including completed customer migrations and new market launches position the company for sustained growth.
- Revenue grew 8% YoY to $3.67B in Q1 2025, with adjusted EBITDA margin expanding 170bps to 16.8%.
- Net income surged 289% to $335M compared to Q1 2024's $177M loss, driven by operational leverage.
- Adjusted EPS increased 51% while average monthly players grew 8% to 14.88M, demonstrating scaling efficiency.
Twilio TWLO
Brad Gerstner bought $63M of Twilio in Q4 2024. Twilio delivered strong Q1 2025 results with 12% YoY revenue growth to $1.17B, beating estimates by $30M, and accelerating growth for the third consecutive quarter. The company achieved record non-GAAP operating income of $213M (+34% YoY) and improved operating margins by 300 bps, driven by AI product adoption and cost discipline. Shares surged 8% post-earnings as management announced a $2B share repurchase program and demonstrated sustained momentum in core messaging services.
- EPS of $1.14 beat consensus estimates by $0.18 (+19%).
- Free cash flow generation of $178M despite one-time bonus payments.
- Gross margin pressure at 51.3% (-270 bps YoY) from international messaging mix offset by operating efficiency gains.
Micron MU
Brad Gerstner bought $51.72M of Micron in Q4 2024. Micron Technology delivered a record Q1 fiscal 2025 with $8.71 billion revenue, driven by 40% sequential and 400% YoY growth in data center sales from AI demand. While consumer markets remain soft, data centers now represent over 50% of total revenue for the first time. The company anticipates renewed consumer segment growth in H2 FY2025 while maintaining leadership in high-margin AI memory markets.
- Q1 revenue surged 12.4% sequentially to $8.71B versus $7.75B in Q4 FY2024.
- Data center revenue grew 400% YoY, accelerating AI-driven market share gains.
- GAAP EPS reached $1.67, up from $0.95 in prior quarter, reflecting improved pricing power.
ServiceTitan TTAN
Brad Gerstner bought $4.11M of ServiceTitan in Q4 2024. ServiceTitan (TTAN) reported strong revenue growth but widening losses in its fiscal Q4 2025, with total revenue increasing 29% YoY to $209.3 million. The company's GAAP operating loss expanded to ($99.9) million from ($48.1) million in the prior year quarter, driven by strategic investments. Recent expansion into roofing and commercial verticals shows promise, but investors await clarity on path to profitability in the June 5 Q1 2026 earnings release.
- Q4 platform revenue grew 30% YoY to $200.1 million.
- Full FY2025 revenue increased 26% YoY to $771.9 million.
- Operating losses expanded 108% YoY in Q4 FY2025.
Holdings at the end of Q4 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| META | Meta | 19.4% | Trimmed (-19%) | $1.08B |
| NVDA | Nvidia | 19.0% | Added (+1%) | $1.05B |
| SNOW | Snowflake | 13.9% | Trimmed (-42%) | $768.7M |
| MSFT | Microsoft | 7.6% | Trimmed (-37%) | $418.75M |
| UBER | Uber | 6.1% | Trimmed (-58%) | $337.12M |
| CFLT | Confluent | 5.9% | Trimmed (-14%) | $328.43M |
| AMZN | Amazon | 3.4% | Trimmed (-3%) | $191.14M |
| GOOGL | Alphabet | 3.0% | Added (+31%) | $164.18M |
| TSLA | Tesla | 2.6% | Trimmed (-46%) | $143.42M |
| CPNG | Coupang | 2.4% | Trimmed (-9%) | $131.57M |
| RBRK | Rubrik | 1.9% | Trimmed (-0%) | $107.33M |
| CART | Maplebear | 1.9% | NEW | $105.11M |
| TSM | Taiwan Semiconductor | 1.8% | Trimmed (-3%) | $99.61M |
| PDYPF | Flutter Entertainment | 1.8% | NEW | $98.29M |
| Z | Zillow Group | 1.7% | Added (+52%) | $96.32M |
| CRM | Salesforce | 1.6% | Trimmed (-41%) | $90.85M |
| ALAB | Astera Labs | 1.4% | Added (+46%) | $77.41M |
| IOT | Samsara | 1.1% | Added (+0%) | $63.71M |
| TWLO | Twilio | 1.1% | NEW | $63M |
| MELI | MercadoLibre | 1.1% | Trimmed (-41%) | $61.65M |
| MU | Micron | 0.9% | NEW | $51.72M |
| DUOL | Duolingo | 0.2% | Trimmed (-84%) | $9.85M |
| TTAN | ServiceTitan | 0.1% | NEW | $4.11M |
| Grab | 0.0% | $1.43M | ||
| KWEB | China Internet | 0.0% | Exited | $0 |
| AVGO | Broadcom | 0.0% | Exited | $0 |
| FUTU | Futu | 0.0% | Exited | $0 |
| LINE | Lineage Cell Therapeutics | 0.0% | Exited | $0 |
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