Brad Gerstner: No AI Bubble, Semis Eat the Nasdaq & AI's Take Off Problem

Our favorite fifth bestie in the world, the one, the only, Brad Gershun from Altimeter. Brad has had unbelievable career starting five companies, so he's got a very different mentality than your sort of classic hedge fund guy. He's an amazingly successful guy, and he's put up a tremendous career amount of money. Every child in America, all 70,000,000 kids under the age of 18 deserve to have one of these accounts. This would not be a law if Brad Gerstner did not pursue it with absolute dogged determination. This is not a program. This is a platform. It is the largest unlock of direct philanthropy history of the country. I think the antidote to more socialism is more capitalism. Please welcome Brad Gerstner. Wow. Let's go. Let's go. Thank you, guys. And thank you for so much love yesterday, especially on the Trump accounts. So many people came up. Everybody gets what this means for America. We're in a battle for the soul of America. 70,000,000 kids are gonna be made direct owners in America. That is how we beat the scourge of capital or socialism. We make every child a capitalist. And also, thank you to all the people yesterday who came up, who took the CAT scan, the heart scan outside from the Center for Heart Attack Prevention, which we started. There's no doubt based on these results, we, you know, we're gonna save some lives even yesterday. Okay? This is the highest ROI thing you can do in health care. Every cardiologist I talk to does this for themselves, their family, and their friends. It's a $100, fifteen minutes. Get it done. If we turn this into the mammogram for the heart, we'll save fifty thousand lives a year in this country. It's like ending the Ukraine war in America every year. So go get your CAT scan done if you haven't, but today is not about those two moonshots. Today is kind of a throwback to what I used to do on the pod with these guys, is a market check, a tech check, state of the market. Where are we? Where are we going? What do we have to believe to be true in order for the market to continue to work? We're gonna do a bit of a speed round here. So bear with me. Get your cameras out. Get your notes out. Some good some good chart candy in here for you guys. So market's up 15% this year, up 39% since January of last year despite all the concerns about tariffs, despite all the concerns about geopolitics, despite all the concerns about AI regulation. The scoreboard. We have a lot of people in the Bestie group who said gold was gonna be off the charts this year. It's flat. Bitcoin's down 10%. But look, we have NVIDIA revenue up two x, hyperscaler CapEx up two x, OpenAI and Anthropix valuation up two x, SpaceX up two and a half x in …