Leopold Aschenbrenner

Everyone wants to invest in “the AI revolution”.
Very few people want to invest in transformers, cooling systems and electricity 😅
And that’s exactly why Leopold Aschenbrenner’s latest filings are so interesting.
The 24-year-old behind “Situational Awareness” seems to be betting on what AI physically depends on.
Power.
Memory.
Data centers.
Energy infrastructure.
The fund reportedly went from:
→ ~$225M in late 2024
→ ~$5.5B end of 2025
→ ~$13.7B in Q1 2026
And the portfolio tells a very specific story:
→ Bloom Energy
→ CoreWeave
→ Core Scientific
→ Applied Digital
→ Riot
→ CleanSpark
→ IREN
Meanwhile there are reportedly large put positions around crowded AI trades:
→ NVIDIA
→ AMD
→ TSMC
→ Broadcom
→ Oracle
Which honestly doesn’t even feel “anti-AI”.
It feels more like:
“everyone is looking at the shiny layer.”
Because AI doesn’t run on hype but runs on megawatts.
And that’s the real bottleneck of this decade.
Funny thing – the AI race looks digital from the outside.
But underneath?
It’s starting to look more like an industrial revolution.
Substations.
Cooling.
Land access.
Electricity contracts.
Not exactly the sexy part of AI Twitter (“X” nowadays) 🤡
But probably the part that decides who actually wins as a hardware goes first.
If you’re building or investing in AI and still thinking only about models — you’re probably missing the deeper layer of the stack.
That’s where things get interesting.
#AI #investing #infrastructure