filing · 13F-HR · period ending march 2026
Altimeter Capital Management
thesis · Q1 2026
Portfolio sharpens to 13 positions: doubling down on AI infrastructure, shedding consumer internet.
Gerstner slims to 13 positions and exits $1.14B across seven names — CPNG, CFLT, GOOGL, MELI, Z, SHOP, and BE — while piling into AI infrastructure. NVDA grows to 29% of the book, CRWV adds 40%, and ARM re-enters one quarter after being closed.
NVDA remains the anchor — and keeps growing
NVIDIA is now 28.6% of the reported portfolio, up from 22.7% in Q4. Gerstner added 1.24M shares to reach 9.34M, pushing the position to $1.63B. The ongoing accumulation across multiple quarters signals this is a foundational, long-duration holding — not a trade.
UBER becomes the #3 position with a major add
Uber jumped from #5 to #3 after a 2.38M share add (+42.6%), bringing the position to $573M. This is the largest percentage increase among existing positions and a meaningful signal of conviction in Uber's platform leverage in an AI-augmented world.
ARM re-initiated one quarter after being closed
Altimeter closed ARM entirely in Q4 2025, then re-opened a 1.72M share position ($260M) in Q1 2026 — larger than the position they exited. The quick reversal suggests the Q4 close may have been valuation-driven and the Q1 re-entry reflects a view that the pullback offered a better entry.
CoreWeave conviction deepens
CRWV was initiated in Q4 2025 and added to again this quarter (+40%, +1.29M shares) to $349M. With Gerstner as an early private backer of CoreWeave, this reflects continued post-IPO accumulation. Now the 7th largest position.
~$1.14B of consumer internet and software fully liquidated
Seven positions were closed: CPNG, CFLT, GOOGL, MELI, Z, SHOP, and BE — collectively worth $1.14B at Q4 prices. SHOP and BE are particularly notable; both were new in Q4 and exited within one quarter. The exits are concentrated in diversified consumer internet and enterprise SaaS, with proceeds apparently rotated into the core AI infrastructure thesis.
AXON is the only non-AI addition
Axon Enterprise ($63M, 148,986 shares) stands out as the one new position that doesn't fit the AI infrastructure/semiconductor theme. Axon is a defense and law enforcement technology company — possibly a new thematic bet on AI-enabled public safety or a hedge against macro volatility.
portfolio · Q1 2026
Portfolio by Category
8 categories · march 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| AI Platforms | Large-cap companies where AI is the primary growth driver: cloud, ads, foundational models (NVDA, META, MSFT, AMZN) | $3.62B | — | — | $3.62B |
| AI Infra | Physical and compute infrastructure enabling AI workloads: chip foundries, data center operators (TSM, CRWV) | $810.1M | — | — | $810.1M |
| Consumer Internet | Consumer-facing internet platforms (UBER) | $573.4M | — | — | $573.4M |
| Enterprise SW | Cloud-native enterprise software (SNOW) | $290.5M | — | — | $290.5M |
| Semis | Semiconductor design companies beyond the mega-cap tier (ARM, AVGO) | $280.3M | — | — | $280.3M |
| Defense Tech | AI-enabled defense and public safety technology (AXON) | $63.3M | — | — | $63.3M |
| Fintech | Financial services technology (HOOD) | $62.3M | — | — | $62.3M |
| SPAC Legacy | Residual positions from prior SPAC activity (GRABW) | $262650 | — | — | $262650 |
| total | $5.70B | $0 | $0 | $5.70B | |
holdings · Q1 2026
Current Positions
13 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA | long | AI Platforms | added | $1.63B | 9,336,039 | $174.40 | +15.3% |
| META | Meta | long | AI Platforms | added | $1.12B | 1,953,373 | $572.12 | +5.9% |
| UBER | Uber | long | Consumer Internet | added | $573.4M | 7,971,772 | $71.94 | +42.6% |
| TSM | TSMC | long | AI Infra | added | $461.5M | 1,365,675 | $337.95 | +12.0% |
| MSFT | Microsoft | long | AI Platforms | trimmed | $438.1M | 1,183,632 | $370.19 | -7.3% |
| AMZN | Amazon | long | AI Platforms | trimmed | $435.2M | 2,089,558 | $208.27 | -5.7% |
| CRWV | CoreWeave | long | AI Infra | added | $348.5M | 4,499,075 | $77.47 | +40.0% |
| SNOW | Snowflake | long | Enterprise SW | trimmed | $290.5M | 1,926,250 | $150.82 | -5.0% |
| ARM | Arm Holdings | long | Semis | new | $259.5M | 1,715,440 | $151.27 | — |
| AXON | Axon Enterprise | long | Defense Tech | new | $63.3M | 148,986 | $424.68 | — |
| HOOD | Robinhood | long | Fintech | trimmed | $62.3M | 899,691 | $69.30 | -30.4% |
| AVGO | Broadcom | long | Semis | added | $20.8M | 67,094 | $309.52 | +108.8% |
| GRABW | Grab Holdings (Warrants) | long | SPAC Legacy | new | $262650 | 3,502,000 | $0.07 | — |
13 positions · period ending march 2026 · source SEC EDGAR
closed · Q4 2025 → Q1 2026
Closed Positions
7 positions closed
| Ticker | Issuer | Type | Category | Q4 Value | Q4 Shares | Note |
|---|---|---|---|---|---|---|
| CPNG | Coupang Inc | long | Consumer Internet | $369.8M | 15,676,794 | full exit |
| CFLT | Confluent Inc | long | Enterprise SW | $209.7M | 6,933,250 | full exit |
| GOOGL | Alphabet Inc | long | AI Platforms | $162.5M | 519,290 | full exit |
| Z | Zillow Group Inc | long | Consumer Internet | $149.2M | 2,187,421 | full exit |
| MELI | MercadoLibre Inc | long | Consumer Internet | $137.9M | 68,480 | full exit |
| SHOP | Shopify Inc | long | Consumer Internet | $91.8M | 570,210 | full exit |
| BE | Bloom Energy Corp | long | Consumer Internet | $22.7M | 260,730 | full exit |
7 positions closed · Q4 2025 → Q1 2026
new · Q4 2025 → Q1 2026
New Positions
3 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| ARM | Arm Holdings | long | Semis | $259.5M | 1,715,440 | $151.27 |
| AXON | Axon Enterprise | long | Defense Tech | $63.3M | 148,986 | $424.68 |
| GRABW | Grab Holdings (Warrants) | long | SPAC Legacy | $262650 | 3,502,000 | $0.07 |
3 positions opened · Q1 2026