What did Brad Gerstner say the 2026 election means for AI stocks and data centers?

Brad Gerstner said on All-In that AI stocks in Japan and Korea fell 5% to 10% in the two hours after the blue wave became clear. He put Nvidia down 2% and CoreWeave down 6% after hours. The main fear was a Democratic governor in Texas keeping a data-center moratorium in place. He now expects 10 to 15 of the 43 gigawatts forecast for 2027 not to come online, a roughly half-point headwind to US GDP growth.

Gerstner put cumulative US AI compute at about 38 gigawatts at the end of 2026.
Gerstner estimated that about 75% of this year's GDP growth came from AI infrastructure.
Gerstner said the Anthropic IPO may price toward the low end of its range, but slower compute growth hurts the infrastructure trade more than the labs.
Gerstner said the Nasdaq, up 15% for the year at the All-In Summit, would open around 8% up.

▸In their words

“I think we could see at least 10 to 15 gigawatts of the expected build not come online” Brad Gerstner · at 1:33:07 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on All-In with Chamath, Jason, Sacks & Friedberg (2026-11-03). Read the whole episode summary →

▸More from this episode

Q1Which races were called during the All-In 2026 election night livestream?Q2What did Ted Cruz say would happen if Democrats win Congress in the 2026 midterms?Q3What does Rahm Emanuel want a Democratic Congress to do after the 2026 midterms?Q4How does Polymarket founder Shayne Coplan answer claims that election markets are manipulated?Q6Why does Ben Shapiro say Republicans lost the 2026 midterms?Q7Who did the All-In election night guests pick as 2028 presidential contenders?Q8What did Chamath and Brad Gerstner say about California's Prop 40 billionaire tax?

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