All-In with Chamath, Jason, Sacks & Friedberg · Thursday, September 17, 2026
Brad Gerstner states that the current market expansion is driven by earnings, not multiple expansion, with semiconductor companies contributing significantly to the Nasdaq's returns. He asserts that despite concerns about regulation and geopolitics, the market has shown resilience, with companies like Nvidia experiencing substantial revenue growth.
“This is not about multiple expansion. This is an earnings driven market expansion.”
“We have Nvidia revenue up 2X, hyperscaler CapEx up 2X, Open AI and Anthropic valuation up 2X, SpaceX up two and a half X, in a pretty nasty backdrop.”
“Semiconductors are 70% of the Nasdaq's return. 70% of the return.”