On the All-In Podcast on September 17, 2026, Altimeter Capital founder and CEO Brad Gerstner argued that the rally in AI-related stocks is driven by strong earnings growth rather than rising share prices without equivalent profit growth. He cited Nvidia, which trades at 14 times its projected GAAP earnings for next year, and market earnings that rose 26% year to date in 2026 even as valuation multiples contracted. According to him, demand for AI is unconstrained and the main bottleneck is supply, particularly electricity and materials; SpaceX plans to add 10 GW of computing capacity in 2027, equivalent to about 25% of total US capacity. Despite remaining bullish for 2027 and 2028, he cut his fund’s AI exposure to its lowest level in three years and estimated that leading AI labs need to increase annual revenue from $100 billion to more than $180 billion to sustain the investment spending of Microsoft and Amazon.
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