Brad Gerstner

SpaceX→Commentary

“This is going to generate in this year an incremental $4 to $5 billion of revenue on top of what I've seen analyst estimates in the mid-20s... This is why the SpaceX IPO is gonna trade at 40 to 50 times revenue.”

Meta→Commentary

“Meta's trading at 17 times fully taxed GAAP earnings. NVIDIA at 19 times, Microsoft at 20 times, Google at 24 times.”

Anthropic→Commentary

“we're talking about annual run rate revenues, David, but on a GAAP basis, they're doing about the same revenue as OpenAI in the month of March”

Google→Commentary

“Google Cloud grow 63% in the quarter... Google at 24 times. And then the memory stocks that everybody's excited about... This is not the stuff that bubbles are made of.”

IGV (enterprise software basket)→Commentary

“You look at the IGV stock index, down 30% year to date, down 5% today. All software stocks plummeting, right? Venture capitalists are terrified to invest money in anything other than these frontier models.”

“I think the Trump doctrine is far more pragmatic than the neocon doctrine...my suspicion is that these impacts are shorter duration, but right now the market's having a little bit of post-traumatic stress flashbacks to Afghanistan and Iraq.”

Salesforce→Commentary

“it's gone from 30 times free cash flow multiple to 15 times. That means somebody buying it today says, listen, I think 15 years into the future I can count on these free cash flows”

“90% of them deserve to be down... it's never gonna trade at 30 times free cash flow again. And it's going to trade 17 times free cash flow because its available TAM in the future is now dramatically and permanently changed.”

Databricks→Commentary

“I'll tell you a company that is doing this, Databricks. Databricks just reaccelerated the last 3 quarters. They're growing over 60% at scale. Snowflake reaccelerating. ClickHouse reaccelerating. There are beneficiaries in the software”

“You're merging the two biggest TAMs in the world, right? All of artificial intelligence. And all of space together with the world's greatest entrepreneur. And he said... I'm gonna have data centers in space in 30 months”

OpenAI→Commentary

“He knows that I don't want to sell my shares. He knows that I would like to buy more shares in the company. We will end the year on a $20 billion forward run rate.”

Meta→Commentary

“Facebook's was terrible.”

Anthropic→Commentary

“The most impressive revenue chart when you showed that leak from OpenAI was Anthropic. If that revenue chart is real, what's really impressive is Anthropic is not really in a J-curve at all, and they get to very similar points of free cash”

Google→Commentary

“Google's earnings were phenomenal. Their AI numbers were blazing hot.”

Nvidia→Commentary

“NVIDIA's captured nearly 100% of the incremental AI data center revenues over the course of the last 2.5 years... price the competitor chips at zero and it still more effective and economic decision to choose Nvidia.”

“You got a total change in the new demand picture for gold... You're now going to allow people to have exposure to the actual underlying gold by buying a crypto asset... hats off to the people who are up 50% this year on gold.”

AMD→Commentary

“Either the MI450 gets adopted and they get back into the game, right? Or they're out. She's a total warrior. I think she believes in the 450. She went to her board and she said, listen, this is— we got to take the shot here. We got to bet t”