The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 85 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Huang: Nvidia's financial guidance assumes zero revenue from China
“Even though I tell all of our investors. That our guidance includes no China. And I appreciate all of our investors to include no China in any of our guidance.”
Dell: Our Foundation Will Make Significant Invest America Contributions
“Susan and I will definitely be a part of that, that will say, hey, you know, this is a really good way to get money directly to the next generation... Our foundation has studied this very carefully, and we believe it's worthy of a significant contribution”
Dell: We Received $12.1B in Q1 AI Orders, Have $14B Backlog
“So last year, our server networking business grew 58% year over year. In the first quarter, we had we received 12.1 billion dollars in AI orders. And by the way, our shipments for all of last year in AI servers were about ten billion dollars... So we took orde…”
Dell: Dell delivered its first GB300 system to CoreWeave
“Yeah, we delivered the first GB 300 a couple of days ago to CoreWeave. We announced that. We actually have delivered another GB 300 system to another customer.”
OpenAI measures growth primarily by weekly active users, says Kevin Weil
“Well, I mean, we look at weekly active users. That's sort of the metric that we goal ourselves by from a growth perspective.”
Gerstner Discloses Altimeter Is a Major Investor in Anduril and ByteDance
“We're a big investors in Andrew. You know, we're big investors in ByteDance.”
Gerstner: Altimeter is leaning back into markets on major down days
“I think from an altimeter perspective, we were pretty cautious, and now we're looking at, again, leaning back into markets on some of these down days where it's big risk off, because I think ultimately the president is going to make deals, you know, Besant is …”
Gerstner: Altimeter is getting more positive on favored stocks as fear prices in
“We're going to get a little bit more positive on the companies we like the best because we think some of this fear Is now getting priced in.”
Gerstner: Altimeter was one of the largest buyers in CoreWeave's IPO
“As you know we're shareholders in CoreWeave. Since a couple rounds ago, we were one of the largest buyers in the IPO, and we're happy we did.”
Gerstner: ChatGPT cannibalized 80% of my Google search activity
“The amount of activity that I used to do on Google has been 80% cannibalized by ChatGPT because there's search embedded within ChatGPT.”
Nadella: Memo by Amodei and Sutskever Convinced Microsoft to Bet on Scaling
“In fact, I think the first memo, weirdly enough, I read, On scaling was written by Dario when he was at OpenAI and Ilya, and that's sort of what, like I said, let's take a bet on this, right? Which is, hey, wow, if this is going to have exponential performance…”
Nadella: TypeScript team is building an open-source schematized AI memory project
“Yeah, I mean, we have, like, there's an open source project even I think it's, I forget, like, it's the same set of folks who did all the type TypeScript stuff who are working on this. So what we're trying to do is essentially take memory and schematize it and…”
Gerstner: Altimeter shorted Target over tariff fears and weak discretionary consumer spending
“On the one hand, we were short a little bit of target because we're worried about tariffs and we're worried about the retail consumer holding up, especially around You know, these highly levered consumers when it comes to housewares and things that Target has …”
Gerstner: Altimeter and NVIDIA invested in OpenAI's $6.5B round
“Open AI. Raised, as you know, six and a half billion dollars this week at like a hundred and fifty billion dollar valuation. We both participated.”
Gerstner confirms Altimeter is in talks to join OpenAI's funding round
“I can confirm that Altimeter is talking with the company, so of course there's some things I can share and things I can't share”
Gerstner: Altimeter Cut Its Peak 70% Big Tech Allocation by Half
“Well, first to say we own them all. Okay. And you know, the second thing I would say is Altimeter's peak exposure to these names was about 70% over the course of the last 12 months. So we had 70% of our dollars at one point in time in these names. Remember, at…”
Gerstner: Altimeter's list of potentially disrupted companies is longest ever
“As an investment firm, as you know, that on the public side, you know, we look at who's going to be disrupted. I think it, you know, this is the list of companies that we have that are potentially disrupted. Is as long as it's ever been, you know, we've, we're…”
Gerstner: Altimeter holds SpaceX shares and expects to buy in IPO
“We're also a shareholder.
you know, we also expect to be buying in the IPO.”
Nadella: Microsoft did not expect initial $1B OpenAI bet to return 100x
“It's not what we thought, and as I said to somebody, it's not like when we first invested our billion dollars that, oh, this is going to be the hundred bagger that I'm going to be talking about to VCs about, but here we are.”
Godement: OpenAI is working with Amgen to accelerate drug development
“We've been working essentially with AppGen to essentially speed up, like the drug, like development and like communication process.”
Godement: GPT-5 is the first release tuned through months of customer testing
“On the behavior of the model, I think it's the first model, like, large model release, for which we have worked so closely with a bunch of customers for, like, month and month, essentially, to better understand, like, what are the concrete, like, locks?”
Godement: OpenAI Has Closed Part of the Intelligence Gap Between Voice and Text
“One of the feedback that we've received is, you know, Because, like, text was so much in the back on intelligence, like, people felt, like, in particular on voice, that the model was somewhat a little less intelligent, and, you know, until you actually see it,…”
Gerstner: Altimeter led Series A for US rare earth magnet producer
“At Altimeter, we just led the Series A in a company, I don't even know if we've announced it, but I'll announce it here, which is an all-American producer of rare earth magnets, right?”
Dell: Dell delivered over 3,000 enterprise AI factories last year
“Yeah, so we, in the last year you know, delivered a little over 3000 of these Dell AI factories, and, you know, those are increasingly to enterprise and commercial customers that want to bring the AI to their data, not the data to the AI.”
Dell: Dell Technologies repurchased 22 million shares during recent market dip
“When the market dipped down, our share buyback program went into high gear, you know. And we bought back twenty-two million shares.”
Philippe Laffont: Coatue processes 100 million credit card receipts daily
“As part of the data science that we do, we process probably a hundred million credit card receipts a day. So we have a very fine view of what the US consumer does. And we have another data set where we know what consumers do based on their email receipts.”
Gerstner: Altimeter held very little directional long market risk recently
“I said at the end of January, early February, when you and I did the pot, I said, we've taken down our units of risk because there's just more uncertainty in the world. Discount rates need to come up. Multiples are coming down. And we did. And I would say over…”
Gerstner: Investment Banks Are Actively Gauging Buy-Side Interest for Upcoming Tech IPOs
“I'm on the buy side. So when Goldman or Morgan Stanley want to sell one of these things, our phone rings. And they want to check market conditions. They want to check what we're thinking, you know, and then eventually you know, the roadshow occurs, et cetera. …”
Gerstner: Altimeter Reduced Nvidia Position Size to De-Risk Fund
“It, it's a smaller position than it was the last couple years because all of our position sizes are smaller as I took down risk at the start of this year.”
Gerstner: Altimeter will reduce exposure if interest rates reach 5% to 5.5%
“If rates were to go to five or five and a half percent and we see that happening, our exposures would come down”
Nadella: Microsoft built 10 to 15 autonomous agents into Dynamics
“We built 10 or 15 of them into dynamics, right? Even looking into sort of my supplier communications and automatically Handling my supplier communications, updating my databases, changing my inventories, my apply. Those are the kinds of things that you can do …”
Gerstner: Founders Fund and Altimeter downsized their venture fund sizes
“Founders Fund, Altimeter, a few others have downsized the fund size.”
Gerstner: Altimeter Recently Sold Tabular to Databricks for $1B to $2B
“We've recently sold two companies in our portfolio. One was reported by the Wall Street Journal for a billion to two billion dollars to Databricks called Tabular.”
Gurley: Bought Constellation Energy Betting Nuclear Power Perceptions Would Shift
“I, yeah, I bought this stock, and I, and by the way, I bought a lot of stocks that went down, so I think we got to be careful about cherry picking, but I bought this stock solely based on the bet that perceptions would shift on nuclear.”