Latest news with #Altimeter
Yahoo
3 days ago
- Business
- Yahoo
Move Over Nvidia, Taiwan Semiconductor, and Micron. Brad Gerstner's Altimeter Capital Just Gave Investors 2,999,536 Reasons to Check Out the Hottest Artificial Intelligence (AI) IPO Stock of 2025
Brad Gerstner is the founder and CEO of hedge fund Altimeter Capital. Some of his more notable wins include being an early investor in data cloud company Snowflake and Asian ridehailing leader Grab. As is the case with many investment funds, Altimeter has made artificial intelligence (AI) stocks a core feature of its portfolio in recent years. According to its most recent 13F filing, Altimeter trimmed its stake in Nvidia during the first quarter while completely dumping its stakes in Micron and Taiwan Semiconductor Manufacturing. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » Interestingly, though, I discovered that Altimeter holds a position in red-hot AI IPO stock CoreWeave (NASDAQ: CRWV). This comes from an investment Altimeter made when CoreWeave was still a private company. As of the close of trading on June 4, Altimeter's 2,999,536 shares were worth about $489 million Let's explore some of the core themes in the ongoing AI revolution to try and discern what may have motivated these moves. From there, I'll break down CoreWeave's business and recent price action to help determine if the stock is a good buy right now. Considering how robust demand has been for high-end graphics processing units (GPU) and memory storage chips, reducing exposure to names such as Nvidia, Micron, and Taiwan Semi looks like a head-scratcher on the surface. However, this is not the first time that Gerstner has shown some contrarian characteristics in his investment style. While I cannot say for certain what Altimeter's current thesis is regarding chip stocks or the AI movement more broadly, I've come up with some reasons that may help justify the fund's recent moves. According to industry estimates, Nvidia currently controls roughly 90% (or more) of the data center GPU market. While a lead like that might suggest Nvidia's moat is insurmountable, there are some risks to consider. First, Nvidia's revenue sources are heavily concentrated among cloud hyperscalers such as Amazon, Alphabet, and Microsoft. Each of these companies has been developing their own custom AI chips, potentially signaling their intentions to migrate away from Nvidia's architecture over time. When you layer on top that the fact that Advanced Micro Devices has steadily been gaining momentum in the data center arena -- as its deals with Oracle, Microsoft, and Meta Platforms demonstrate -- Nvidia's growth could be on course for some deceleration. Lastly, one of the storm clouds hanging over Nvidia at the moment is its exposure to China. New U.S. export controls and President Donald Trump's tariffs could cut into its sales there. Micron operates in a unique pocket of the AI realm. It specializes in memory storage chips, which are vital hardware for data centers, personal computers, and smartphones, among other technologies. With that said, memory chips are relatively commoditized. On top of that, a shift toward cloud-based AI infrastructure could potentially serve as a headwind for Micron's hardware-centric chip memory business. Taiwan Semiconductor specializes in fabrication services -- its foundries are where chips designed by Nvidia, AMD, Broadcom, and a host of others are actually manufactured. While demand for GPUs and other types of AI chips is strong, a deceleration in sales growth from key customers (i.e., Nvidia) could trickle down to TSMC's business, too. Furthermore, most of TSMC's factories are located in Taiwan. Given the ongoing geopolitical pressures Taiwan faces from China, it's possible that U.S. chip designers like AMD or Nvidia could begin to turn to alternative foundry providers such as Intel. Image Source: Getty Images. CoreWeave is a cloud computing infrastructure provider that offers its clients access to Nvidia GPUs and a host of other chip integrations. As such, its business is not as exposed to the time it takes to design and manufacture sophisticated hardware -- unlike the names explored above. In a way, this makes the hyperscaler more nimble than other chip and data center stocks, allowing the company to scale at a faster pace. CoreWeave is able to take advantage of the booming chip landscape but more so on the AI training and inferencing side. Ultimately, it fills the gap between producing chipsets and accessing optimized AI cloud infrastructure. It's not that Nvidia, Micron, or TSMC are poor investment choices right now. It's simply that those businesses might be reaching levels of maturity, whereas CoreWeave's model could be in the early phases of exponential expansion. The chart below illustrates how CoreWeave's price-to-sales (P/S) ratio has progressed since its initial public offering (IPO) earlier this year. CRWV PS Ratio data by YCharts There are a couple of big takeaways from this chart. First, it's clear that CoreWeave has experienced notable valuation expansion. In my view, outsize momentum is propelling CoreWeave stock right now -- and buying in the wake of its recent climb could leave you as an unsuspecting bag holder. In addition, CoreWeave's P/S multiple is almost fourfold that of Oracle -- which also provides core data center infrastructure services. Oracle is a mature, profitable business, unlike CoreWeave's high-cash-burn operation. While I understand the thesis behind CoreWeave's value proposition in the AI landscape, I think the stock is overbought right now. I would pass on investing at its current valuation, but would keep tabs on the company and its growth prospects. Before you buy stock in CoreWeave, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and CoreWeave wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $668,538!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $869,841!* Now, it's worth noting Stock Advisor's total average return is 789% — a market-crushing outperformance compared to 172% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool's board of directors. Adam Spatacco has positions in Alphabet, Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Alphabet, Amazon, Intel, Meta Platforms, Microsoft, Nvidia, Oracle, and Taiwan Semiconductor Manufacturing. The Motley Fool recommends Broadcom and recommends the following options: long January 2026 $395 calls on Microsoft, short August 2025 $24 calls on Intel, and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.
Yahoo
02-04-2025
- Business
- Yahoo
iHeartMedia Announces Brad Gerstner Is Concluding His Service on Its Board of Directors
Company Also Announces Nomination of Robert Millard to Stand for Election for Vacant Board Seat NEW YORK, April 01, 2025--(BUSINESS WIRE)--iHeartMedia, Inc. (NASDAQ: IHRT), the leading audio company in America, today announced that Board member Brad Gerstner has chosen not to stand for re-election and will conclude his service on its Board of Directors in order to focus on his other commitments. Mr. Gerstner, the founder and CEO of Altimeter Capital, has been a member of the iHeartMedia Board of Directors since 2019. "When we began this journey together back in 2019, Brad was only able to promise us one term as a director due to his enormous commitments to Altimeter and its portfolio companies, and we're grateful he gave us five terms. We appreciate all the contributions he made during that time, especially his experience and view of technology and the future -- which helped us determine how to make the technology transitions we needed to maximize our revenue opportunities in an increasingly data-focused and technology-led marketplace. He's had a significant impact on iHeart's success and our vision for the company's direction," said Bob Pittman, iHeartMedia CEO and Chairman of its Board of Directors. "The longer I served on the iHeart Board the more excited I got about the power of audio and the unique opportunity iHeart has because of its enormous and unparalleled consumer reach and connection. From seemingly ubiquitous talk to podcasts to radio, iHeart sits on an unparalleled goldmine of constantly refreshing audio data that will only become more valuable in the Age of AI," said Mr. Gerstner. "The biggest issue in my life is time; my strong obligations to Altimeter and its portfolio companies, and my deep commitment to my philanthropic activities, mean that I have to conclude my service on the iHeart Board, but I'm glad I was able to be a part of it for so many years. I appreciate all I've been able to learn, and I've loved the constant exchange of ideas. I've also valued being a part of iHeart's growth and having a front row seat as they created whole new businesses, like podcasting, where they are now number one." The company also announced the Company's Board of Directors has nominated Robert Millard to stand for election at the Company's 2025 Annual Meeting of Stockholders to be held on May 13th. Mr. Millard is a Director of Evercore, an international investment bank, and co-founder and former Chairman of the Board of L3 Technologies, a major defense technology company. He currently serves as Lead Director of L3Harris Technologies. He formerly served as Chairman of the MIT Corporation and Chairman of the MIT Investment Management Company endowment board. Prior to becoming Chairman of MIT, Mr. Millard served as the Chairman of Realm Partners LLC from 2009 to 2014 and held various senior roles, including Managing Director at Lehman Brothers and its predecessors from 1976 to 2008. If elected by stockholders, he is expected to begin his service effective May 13th. "We appreciate the opportunity to have Bob Millard bring his broad range of experience across business, finance and strategic planning to the iHeart Board," said Pittman. "We believe his critical thinking and insights, combined with his long experience as an investor, will add important and unique benefits for our company and our shareholders, and will contribute significantly to positioning iHeart for continued growth." About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the Company's live and virtual events business. It also includes Premiere Networks, the industry's largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base. The iHeartMedia Digital Audio Group includes the Company's fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company's digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint. The Company's Audio & Media Services reportable segment includes Katz Media Group, the nation's largest media representation company, and RCS, the world's leading provider of broadcast and webcast software. View source version on Contacts MediaWendy GoldbergChief Communications Officer(212) 377-1105wendygoldberg@ InvestorsMike McGuinnessEVP, Deputy CFO, and Head of Investor Relations(212) 377-1336mbm@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-04-2025
- Business
- Yahoo
iHeartMedia Announces Brad Gerstner Is Concluding His Service on Its Board of Directors
Company Also Announces Nomination of Robert Millard to Stand for Election for Vacant Board Seat NEW YORK, April 01, 2025--(BUSINESS WIRE)--iHeartMedia, Inc. (NASDAQ: IHRT), the leading audio company in America, today announced that Board member Brad Gerstner has chosen not to stand for re-election and will conclude his service on its Board of Directors in order to focus on his other commitments. Mr. Gerstner, the founder and CEO of Altimeter Capital, has been a member of the iHeartMedia Board of Directors since 2019. "When we began this journey together back in 2019, Brad was only able to promise us one term as a director due to his enormous commitments to Altimeter and its portfolio companies, and we're grateful he gave us five terms. We appreciate all the contributions he made during that time, especially his experience and view of technology and the future -- which helped us determine how to make the technology transitions we needed to maximize our revenue opportunities in an increasingly data-focused and technology-led marketplace. He's had a significant impact on iHeart's success and our vision for the company's direction," said Bob Pittman, iHeartMedia CEO and Chairman of its Board of Directors. "The longer I served on the iHeart Board the more excited I got about the power of audio and the unique opportunity iHeart has because of its enormous and unparalleled consumer reach and connection. From seemingly ubiquitous talk to podcasts to radio, iHeart sits on an unparalleled goldmine of constantly refreshing audio data that will only become more valuable in the Age of AI," said Mr. Gerstner. "The biggest issue in my life is time; my strong obligations to Altimeter and its portfolio companies, and my deep commitment to my philanthropic activities, mean that I have to conclude my service on the iHeart Board, but I'm glad I was able to be a part of it for so many years. I appreciate all I've been able to learn, and I've loved the constant exchange of ideas. I've also valued being a part of iHeart's growth and having a front row seat as they created whole new businesses, like podcasting, where they are now number one." The company also announced the Company's Board of Directors has nominated Robert Millard to stand for election at the Company's 2025 Annual Meeting of Stockholders to be held on May 13th. Mr. Millard is a Director of Evercore, an international investment bank, and co-founder and former Chairman of the Board of L3 Technologies, a major defense technology company. He currently serves as Lead Director of L3Harris Technologies. He formerly served as Chairman of the MIT Corporation and Chairman of the MIT Investment Management Company endowment board. Prior to becoming Chairman of MIT, Mr. Millard served as the Chairman of Realm Partners LLC from 2009 to 2014 and held various senior roles, including Managing Director at Lehman Brothers and its predecessors from 1976 to 2008. If elected by stockholders, he is expected to begin his service effective May 13th. "We appreciate the opportunity to have Bob Millard bring his broad range of experience across business, finance and strategic planning to the iHeart Board," said Pittman. "We believe his critical thinking and insights, combined with his long experience as an investor, will add important and unique benefits for our company and our shareholders, and will contribute significantly to positioning iHeart for continued growth." About iHeartMedia, Inc. iHeartMedia (Nasdaq: IHRT) is the number one audio company in the United States, reaching nine out of 10 Americans every month. It consists of three business groups. With its quarter of a billion monthly listeners, the iHeartMedia Multiplatform Group has a greater reach than any other media company in the U.S. Its leadership position in audio extends across multiple platforms, including more than 860 live broadcast stations in over 160 markets nationwide; its National Sales organization; and the Company's live and virtual events business. It also includes Premiere Networks, the industry's largest Networks business, with its Total Traffic and Weather Network (TTWN); and BIN: Black Information Network, the first and only 24/7 national and local all news audio service for the Black community. iHeartMedia also leads the audio industry in analytics, targeting and attribution for its marketing partners with its SmartAudio suite of data targeting and attribution products using data from its massive consumer base. The iHeartMedia Digital Audio Group includes the Company's fast-growing podcasting business -- iHeartMedia is the number one podcast publisher in downloads, unique listeners, revenue and earnings -- as well as its industry-leading iHeartRadio digital service, available across more than 500+ platforms and thousands of devices; the Company's digital sites, newsletters, digital services and programs; its digital advertising technology companies; and its audio industry-leading social media footprint. The Company's Audio & Media Services reportable segment includes Katz Media Group, the nation's largest media representation company, and RCS, the world's leading provider of broadcast and webcast software. View source version on Contacts MediaWendy GoldbergChief Communications Officer(212) 377-1105wendygoldberg@ InvestorsMike McGuinnessEVP, Deputy CFO, and Head of Investor Relations(212) 377-1336mbm@
Yahoo
27-02-2025
- Business
- Yahoo
Snowflake Expands AI Footprint with New Silicon Valley AI Hub and $200M Investment in Next-Gen Startups
The nearly 30,000 square foot space in Menlo Park will represent one of the largest dedicated spaces for developers, startups, and business leaders to shape the future of AI Snowflake also plans to invest up to $200M in next-gen startups innovating on its AI Data Cloud through the Snowflake Startup Accelerator Program, in partnership with leading VCs Snowflake continues to pioneer the future of AI, committing $20M toward AI upskilling and supporting more than 4,000 customers with AI/ML capabilities No-Headquarters/BOZEMAN, Mont., February 27, 2025--(BUSINESS WIRE)--Snowflake (NYSE: SNOW), the AI Data Cloud company, today announced that it is deepening its investments in AI innovation by opening the Silicon Valley AI Hub, a home for developers, startups and business leaders to learn, deepen relationships, and shape the future of AI. "Snowflake is the most consequential data and AI company in the world today," said Sridhar Ramaswamy, CEO of Snowflake. "Our technology is already at the heart of customers' data and AI strategies, and now, we are taking it a step further by creating a physical space for people shaping the future of AI to connect, learn, and work. Whether you're a developer looking for hands-on experience, a startup founder looking for a place to collaborate, or an executive looking to explore the art of the possible, the Silicon Valley AI Hub will serve as the epicenter of AI development and collaboration." Located in the heart of Silicon Valley at Snowflake's new Menlo Park campus, the nearly 30,000 square foot space plans to open in Summer 2025, and will feature a range of spaces designed for people across the AI ecosystem. The Silicon Valley AI Hub will feature a startup hub with flex desks, event spaces for community meetups and workshops, training rooms, a Customer Experience Center with board rooms for executive meetings, a video production studio, cafe, onsite catering and patio with views overlooking the San Francisco Bay Area. The space will offer enterprise executives a collaborative and flexible venue to define strategies and establish partnerships, AI engineers a space to experiment with new technologies and learn from each other, and early-stage startups, including those from venture capital firms Altimeter, Conviction, IVP, Redpoint, and Sequoia Capital, a homebase to get work done. Snowflake to Invest $200M in Next-Gen Startups In addition to having access to the resources offered at the Silicon Valley AI Hub, startups in the Snowflake ecosystem have even more opportunities to build and expand their businesses with Snowflake. Through the Snowflake Startup Accelerator, Snowflake and its VC partners are doubling down on their commitment to invest in and support a broad range of startups, including those that are building AI based products and industry solutions on Snowflake. Formerly known as the Powered by Snowflake Funding Program, the Snowflake Startup Accelerator is expanding to invest up to $200 million, deliver technical assistance, give free credits, and unlock access to additional capital to help early-stage startups grow their businesses in the AI Data Cloud. In addition, Amazon Web Services (AWS) has also committed to provide up to $1 million in free Snowflake credits on AWS over four years to support startups building and offering applications on Snowflake's platform. Snowflake Invests $20M in AI Upskilling Around the World To address the growing demand for AI talent and help create a more diverse, skilled workforce ready for the AI-driven future, Snowflake recently announced its One Million Minds + One Platform program. The program has committed $20 million to train and certify more than 100,000 users on the Snowflake AI Data Cloud by 2027 at no cost for learners, and upskilling one million people on data and AI by 2029. Snowflake is advancing easy, efficient and trusted enterprise AI for thousands of global customers today. Snowflake brings AI capabilities directly to an organization's governed data, enabling teams to run analytical workflows on unstructured data, develop agentic apps, and train models using both structured and unstructured data - all with minimal operational overhead and end-to-end governance. More than 4,000 global companies are already using Snowflake's industry-leading AI/ML capabilities in the AI Data Cloud. Snowflake Summit 2025 is bringing the future of AI and data to the center stage, June 2-5, 2025 in San Francisco. Register to be among the first to hear how thousands of enterprises are revolutionizing their businesses with AI. Stay connected and explore more: Stay on top of the latest Silicon Valley AI Hub news and events. Learn more about the Snowflake Startup Accelerator and apply to the program. Learn more about Snowflake's free resources for AI upskilling. Get started on your data and AI learning journey with Snowflake University. Stay up to date with the latest news and announcements on LinkedIn and Twitter / X. About Snowflake Snowflake makes enterprise AI easy, efficient and trusted. More than 11,000 companies around the globe, including hundreds of the world's largest, use Snowflake's AI Data Cloud to share data, build applications, and power their business with AI. The era of enterprise AI is here. Learn more at (NYSE: SNOW). View source version on Contacts Media Contacts Danica StanczakDirector, Corporate Communications, Snowflakepress@ Sign in to access your portfolio
