New York City: In a high-profile appearance at the CNBC Delivering Alpha Investor Summit in New York City, Altimeter Capital’s Chair and CEO, Brad Gerstner, delivered a resounding declaration that artificial intelligence (AI) is poised to outshine the internet in terms of impact and significance.
“AI is going to be bigger than the internet, bigger than mobile, and bigger than cloud software,” Gerstner confidently proclaimed during his keynote address at the summit. His statement came amidst the backdrop of AI’s remarkable ascent in the global tech landscape, a phenomenon that has incited a buying frenzy on Wall Street and propelled major enabler Nvidia to a market capitalization exceeding $1 trillion.
One of the noteworthy milestones in the AI realm that Gerstner highlighted was the meteoric rise of ChatGPT, a conversational chatbot capable of generating human-like responses to user-written inputs. ChatGPT has rapidly gained worldwide acclaim and has become the fastest-growing software product in history, further fueling the AI fever.
Altimeter Capital CEO Brad Gerstner, a widely followed tech investor, likened the burgeoning AI era to the dotcom boom of the late 1990s, dubbing it a “super-cycle.” However, he cautioned that such super-cycles typically entail conflicting sentiments and uncertainties, especially in their initial stages.
“While we tend to overestimate the short-term prospects, leading to price inflation,” Gerstner cautioned, “we should recall that, much like the internet in ’98 and ’99, we dramatically underestimated the impact it was going to have over the preceding decade.”
Despite these early challenges, Gerstner expressed growing optimism for the future, citing the Federal Reserve’s anticipated conclusion of its tightening cycle as a positive sign. He also emphasized a promising IPO pipeline for the upcoming three quarters.
“I’m very optimistic over the course of the next two or three years,” Gerstner declared. “Why? Because we’re not going to continue to hike rates, and we’re at the beginning of one of the biggest tech booms in the history of technology.”
Brad Gerstner’s bold proclamation at the summit has ignited intense discussions within the tech and investment communities, as experts and observers contemplate the profound implications of AI’s ascent and its potential to reshape industries and society at large.