Altimeter Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The current state of Altimeter’s portfolio suggests an institution that is not merely participating in the market but is actively engineering its exposure to the most potent growth engines of the modern economy. The scale of the institution has remained robust, with the total market value reflecting both capital appreciation and strategic reallocations. When an institution holds only 12 stocks, every single "Add" or "Reduce" operation carries significant weight, representing a deliberate shift in the manager's psychological state and market outlook. In the case of Brad Gerstner, the current portfolio snapshot portrays a manager who is doubling down on the "AI Revolution" while ruthlessly pruning legacy growth positions that no longer meet the firm's stringent "alpha" requirements.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

Altimeter’s sector layout provides a clear roadmap of where they believe the value in the AI stack is currently accumulating. 1. The Compute Layer (Technology) : The massive weight in Nvidia and the addition of ARM and Taiwan Semiconductor Manufacturing Company (TSMC) indicate a belief that the hardware bottleneck is the most profitable place to be. 2. The Platform Layer (Communication Services) : The heavy weight in Meta suggests that platforms that can integrate AI to enhance user engagement and advertising precision are the "winners" of the software layer. 3. The Real-World Application (Consumer Discretionary/Technology) : The significant position in Uber Technologies shows a bet on AI’s ability to optimize real-world logistics and labor, moving beyond the digital realm.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

NVIDIA is not just Altimeter's largest holding; it is the portfolio's sun, around which all other positions orbit. Occupying 28.57% of the portfolio, this is a "conviction holding" of the highest order. During the first quarter of 2026, Altimeter increased its position by 15.26% , adding over 1.2 million shares. This move is particularly aggressive given NVIDIA's already massive market capitalization and previous price appreciation. The motivation here is clearly a belief in a "fundamental breakout" that exceeds even the most optimistic market expectations. By increasing the weight from 22.68% to 28.57%, Gerstner is signaling that the AI chip cycle is far from peaking. This is an active position adjustment, not merely a result of price movement, indicating that Altimeter is willing to "pay up" for continued dominance in the data center and AI training markets.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant new entry this quarter is ARM, with an estimated investment of $259.51 million . By establishing a 4.55% position from scratch, Altimeter is making a bold statement about the future of compute architecture. ARM’s energy-efficient designs are becoming increasingly critical not just in mobile, but in the data center and AI PC markets. This is a " growth acceleration bet ." Altimeter likely recognizes that as AI workloads move to the "edge" (on-device AI), ARM’s architecture will be the primary beneficiary. Furthermore, the high-margin licensing model of ARM provides the kind of "capital-light" growth that Gerstner prizes. Entering at this scale suggests Altimeter believes ARM is currently undervalued relative to its long-term role as the "blueprint" for the global semiconductor industry.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The complete liquidation of Coupang, realizing an estimated $369.82 million , is the most significant exit of the quarter. Coupang was a substantial 5.55% position, and its removal marks a " Strategic Retreat ." Altimeter likely concluded that the regional e-commerce story in South Korea, while strong, lacks the global "AI-driven" upside that now defines the rest of the portfolio. This exit provides a massive pool of liquidity to fund the "Silicon Trinity" bets. It suggests a shift from "consumer-facing growth" to "infrastructure-facing growth."

The total liquidation of Alphabet ( $162.54 million ) is perhaps the most surprising move. While Alphabet is an AI powerhouse, Altimeter’s exit from this 2.44% position suggests concerns over "Search Disruption." In a world of LLM-based answers (Perplexity, OpenAI), the traditional Google search moat may be perceived as leaking. By selling Alphabet while adding to Meta, Gerstner is making a clear choice: he prefers Meta’s "social/entertainment AI" over Google’s "information/utility AI." This is a " Strategic Contraction " from a company that may be facing a "structural headwind" in its core business.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sold What : Regional e-commerce (Coupang), diversified software (Confluent, Shopify), and legacy search (Alphabet). 2. Why Sell : These businesses face either "moat erosion" from AI (Search) or "opportunity cost" (E-commerce) compared to the explosive growth of AI hardware. 3. Bought What : The "Silicon Trinity" (ARM, NVDA, TSM) and specialized compute (CoreWeave). 4. Why Buy : These companies control the "bottleneck" of the global economy. Without their chips and compute power, the AI revolution stops. 5. Overall Result : A portfolio that is more concentrated, more offensive, and more focused on the "hard" side of technology than ever before.

Altimeter’s operations are tailored to its specific investment objectives, which include a very high tolerance for volatility and a long-term time horizon. Their decision to hold nearly 30% of their fund in a single stock (NVIDIA) is a risk that most individual investors should not replicate. Furthermore, their access to private markets (like the earlier stages of CoreWeave) gives them a different cost basis and information set than the public.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.