Brad Gerstner says AI will be bigger than the web, bigger than mobile

Brad Gerstner, Altimeter Founder and CEO, speaks at the Delivering Alpha convention in NYC, Sept. 28, 2023.

Adam Jeffery | CNBC

Altimeter Capital Chair and CEO Brad Gerstner is massively bullish on synthetic intelligence, saying the energy of the superior expertise may even trump the web.

“AI goes to be bigger than the web, bigger than mobile and bigger than cloud software program,” Gerstner stated at CNBC Delivering Alpha Investor Summit on Thursday in New York.

AI has been dominating headlines this yr, making a shopping for frenzy on Wall Street that pushed main enabler Nvidia over a $1 trillion market cap. Buzzy chatbot ChatGPT, able to taking written inputs from customers and producing a human-like response, was an prompt phenomenon globally, turning into the fastest-growing software program in historical past.

The broadly adopted tech investor referred to as the rise of AI a “super-cycle” identical to the dotcom growth in the late Nineteen Nineties. But he cautioned {that a} typical attribute of a super-cycle is conflicting sentiments and uncertainties, a minimum of in the starting.

“You must get comfy with two simultaneous however competing truths. On the one hand, we most likely overestimate in the very brief time period, which ends up in value inflation,” Gerstner stated. “But very like the web in ’98 and ’99, the place there was overpricing in the brief run, we dramatically underestimated the influence it was going to have over the … decade.”

Gerstner stated he is grown hopeful about the coming years as the Federal Reserve nears the finish of its tightening cycle. He added that the IPO pipeline appears “chock full” for the three quarters forward.

“I’m very optimistic over the course of the subsequent two or three years. Why? Because we’re not going to proceed to hike charges, and we’re at the starting of one in all the largest tech booms in the historical past of expertise,” he stated.

Altimeter held Meta, Microsoft and Nvidia as a few of its largest bets at the finish of the second quarter.

Don’t miss the largest funding concepts in the enterprise. Learn extra about CNBC’s Delivering Alpha investor summit here.

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