Brad Gerstner

The demand exists in the world today. I think it will exist in the world for, well, the next 12 to 24 months, ... I suspect this cannot keep up at this pace more than another two years or so. ... Famous last words, I don't see it today over the course of the next 12 to 18 months.

Elon comes out and says, not so fast. We're entering the singularity and the frontier models are way further ahead than people think. I believe that to be true. ... Jensen came out this week and said, closed models are actually cheaper. ... explains why they continue to run away with it on the revenue side

I hear a lot of people saying 1.5 or 2 trillion dollars. ... it's going to be run rating over 100 billion maybe by the end of the year. That's like 10 to 15 times revenue. That is not that much for a company that just grew 10x and is rumored to be profitable in Q2.

now you have a company at 1.4 trillion that I think if you take a three or four year view, you can see yourself tripling your money in this business at a very reasonable valuation

rumored to be trending over 100 billion in revenue ... I think it would be a blockbuster IPO. ... Altimeter would be a buyer at scale and at size in both of those IPOs. ... If these guys end the year over $100 billion, ... they're on a revenue trajectory that they could 3 to 5x again next year. ... 200 billion of incremental revenue is incomprehensible in the history of Silicon Valley, ... intelligence is the largest TAM we've ever seen in the history of the world.

the SpaceX IPO where we were also investors and we also bought in the IPO, ... trading at $2 trillion on roughly $35 billion of forward revenue. ... I still think there's a lot of meat on the bone on SpaceX, on Anthropic, on OpenAI. ... these things can be compounders. They're going to compound at the rate they compound revenue. ... well over 30% for the next many years.

the share of wallet, is actually increasing to the frontier labs, while the share of tokens, ... The difference between spending 3 bucks on a cheap model or 15 bucks on an expensive model to replace a $200 an hour consultant, ... The non-consensus argument might be that intelligence is not converging at all, ... as it becomes recursive, you actually extend the lead, ... the distance between the frontier and everybody else doesn't converge, it actually extends,

80% of our exposures or more have been in compute, AI, memory, ... It's hard to imagine a more Goldilocks situation for the United States ... At some point, you just have to acknowledge USA is winning.

We've got billions in both companies at this point... They added 4 billion of revenue in January, 7 billion in February, 10 or 11 billion in March [annualized]... the largest revenue explosion in the history of technology... I would not be shocked if you see Anthropic exiting this year at $80 to $100 billion in revenue... I'm a buyer of the shares today.

these revenue ramps are happening while the world is already using open source. This is not frontier only. ... The TAM of intelligence is dramatically larger than any TAM we've ever seen

the drawdown in this period over Iran was only down about five to seven percent on S&P and Nasdaq. ... if we land the plane on these two things, I think it's off to the races in the market. ... heading into America 250, July 4th, the market could really take off.

I bought a lot more since then, Jason. ... we had a $6 billion month out of Anthropic in February, ... more revenue than the annual revenue of Databricks and Snowflake ... said they would both go public this year. I ... want to get some of these shares in the accounts of all these kids

the models and the agents on top of them, ... Anthropic at five or six billion dollars of revenue in a single month, ... the TAM is dramatically bigger than any of us think ... the frontier labs can do well even in the face of it.

My suspicion is that these impacts are shorter duration... The United States produces 20 million barrels of oil a day and we consume 20 million barrels a day. This is a modest problem for the United States.

the profit pool available to software is decreasing and the profit pool available to the agentic layer is increasing. ... It could be true that you're not going to replace CRM, but it can also be true that it's never going to trade at 30 times free cash flow again, ... it's available, Tam, in the future is now dramatically and permanently changed.