Altimeter Capital Chair and CEO Brad Gerstner said he has taken some chips off the table after this year's strong run in technology stocks, but he's still bullish on the names that are reaccelerating because of artificial intelligence. "All of these stocks are up a lot just to start this year and the backdrop has gotten a little worse," Gerstner said on CNBC's " Halftime Report " Tuesday.
Meta has climbed more than 32% in 2024, while Nvidia is up another 84% this year. Billionaire investor Stanley Druckenmiller also said he slashed his big bet in chipmaker Nvidia earlier this year, adding that the swift AI boom could be overhyped in the short run. Gerstner noted that the macro environment has turned less ideal for investors. First, the Federal Reserve is now expected to continue to hold off on cutting rates to fight stubborn inflation.