Brad Gerstner

speaker

3,957 appearances 19 recordings 4 series first heard Apr 2025 last heard 17 Sep

Brad Gerstner’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 17 in all, peaking in Jun 2026 with 4.

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TBPN · Where Brad Gerstner Is Investing Billions · 29 May 2026 podcast

So all these software companies, we just lump together.

We treat them as though they're all equal.

But there are certain software companies, Databricks, Snowflake, and ClickHouse, all of which we're investors in, which is very clear to me, they're in the token flow.

As you consume more tokens, the amount of your database queries goes up.

I see it at Altimeter.

In fact, our database queries are growing faster than our token usage, to give you a sense.

And this is, I think, so now they've proven they're in the token flow, so they're starting to get some love from an AI multiple perspective.

That's very different than a company, I think, like Salesforce.

And I love Marc Benioff, and if anybody can get in the token flow, it'll be him.

But the reality is,

The front-facing solutions that they offer are more competitive with the models than something like Snowflake.

Snowflake's the enabler of the models, whereas I think that Salesforce competes a bit more, so it's going to be more challenging.

But I also, I've heard so much about the SaaSpocalypse.

And listen, I did a pod with Satya, I don't know, 18 months ago, where he caused a stir by saying software is a thin user interface on top of a CRUD database.

And Benioff and everybody freaked out.

They're like, what are you saying?

It's way more than that, right?

And Bill and I did a pod, is software dead?

So it's not like this is new, but then everybody started freaking out in December, all these multiples reset.

But the question is, what did they reset to?

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