Altimeter Capital Chair and CEO Brad Gerstner said he has taken some chips off the table after this year’s strong run in technology stocks, but he is still bullish on the names that are reaccelerating because of artificial intelligence. “All of these stocks are up a lot just to start this year and the backdrop has gotten a little worse,” Gerstner said on CNBC’s ” Halftime Report ” on Tuesday. “If you want to take a little bit off the table today, just reflecting on the fact that you’ve achieved a year’s worth of returns in the first few months of the year, I think that makes sense.” The widely followed investor revealed that he has taken down his own exposure by 10 percentage points to 20 percentage points in his hedge fund and the long-only fund by both adding shorts and reducing some of the overall position sizes. “People think that they’re always 100% invested. That’s not the case when the market is up this much to start the year when the backdrop is this volatile. I think it makes sense to trim a little and so that’s what we’ve done across our portfolios,” he said. At the end of 2023, Altimeter’s top five holdings were Snowflake , Meta , Uber, Microsoft and Nvidia . Meta has climbed more than 32% in 2024, while Nvidia …
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[mwai_chat context=”Let’s have a discussion about this article:nnAltimeter Capital Chair and CEO Brad Gerstner said he has taken some chips off the table after this year’s strong run in technology stocks, but he is still bullish on the names that are reaccelerating because of artificial intelligence. “All of these stocks are up a lot just to start this year and the backdrop has gotten a little worse,” Gerstner said on CNBC’s ” Halftime Report ” on Tuesday. “If you want to take a little bit off the table today, just reflecting on the fact that you’ve achieved a year’s worth of returns in the first few months of the year, I think that makes sense.” The widely followed investor revealed that he has taken down his own exposure by 10 percentage points to 20 percentage points in his hedge fund and the long-only fund by both adding shorts and reducing some of the overall position sizes. “People think that they’re always 100% invested. That’s not the case when the market is up this much to start the year when the backdrop is this volatile. I think it makes sense to trim a little and so that’s what we’ve done across our portfolios,” he said. At the end of 2023, Altimeter’s top five holdings were Snowflake , Meta , Uber, Microsoft and Nvidia . Meta has climbed more than 32% in 2024, while Nvidia …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
