Altimeter's Brad Gerstner on Super Intelligence: Whoever has the most scale wins the game

Brad Gerstner, founder and CEO of Altimeter Capital, analyzes the massive infrastructure shift required for the transition to superintelligence following SpaceX's recent earnings report. A central development is Elon Musk's unprecedented plan to stand up 10 gigawatts of compute next year—representing roughly 25% of the total projected U.S. capacity—which necessitates raising approximately $400 billion in capital. This immense scale drives the strategic logic behind a potential SpaceX and Tesla merger, as a combined entity could access cheaper capital and consolidate resources to win the "game of superintelligence." Gerstner suggests a Tesla acquisition premium of 20-30% would be standard, though a higher price might be necessary to insulate the board from fiduciary lawsuits. Despite market concerns regarding a potential GPU glut, physical constraints in wafer production and power availability currently limit supply, while demand for superintelligence remains unconstrained compared to the early internet era.