Altimeter CEO sees only 25GW of new data center capacity next year, calls AI trade fully valued
PTrubey · x · 2026-09-16
At the All-In Summit, Altimeter CEO Brad Gerstner presented 30 slides on the state of AI investing. Two takeaways stood out:
- Capacity forecast gap: He predicts only 25GW of new data center capacity next year, half of it used by Anthropic and OpenAI — far below Dylan Patel's 43GW estimate.
- Rate risk: If the 10-year Treasury hits 5.5%, debt funding for massive capex dries up, threatening the investment cycle.
Gerstner also said the AI trade is fully valued, meaning public-market investors must stay agile; active tech hedge funds like Altimeter and Atreides are the places to watch.
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