Leopold Aschenbrenner is ramping up bets on AI infrastructure, rotating capital out of semiconductor leaders and into bitcoin miners and energy-backed compute providers.
The former OpenAI researcher—known for highlighting geopolitical risks around advanced AI—has sharply increased exposure to companies supplying power, data centers, and high-performance computing, while simultaneously building large bearish positions against chip stocks.
According to his latest 13F filing with the U.S. Securities and Exchange Commission, Aschenbrenner’s disclosed equity portfolio surged from $5.5 billion at the end of 2025 to $13.67 billion by March 31.
His long positions are heavily concentrated in bitcoin miners and related firms such as IREN, Core Scientific (CORZ), Riot Platforms (RIOT), CleanSpark (CLSK), Bitfarms (BITF), Bitdeer (BTDR), and Hive Digital (HIVE). Many of these companies are increasingly repositioning as providers of energy and compute capacity for AI workloads, leveraging existing infrastructure and long-term power agreements.
As demand for AI data centers accelerates, these firms are drawing attention as key enablers of the industry’s next growth phase.
The filing also shows notable investments in Bloom Energy (BE), SanDisk (SNDK), and cloud infrastructure provider CoreWeave (CRWV), reinforcing a broader focus on the physical layer supporting AI expansion.
At the same time, Aschenbrenner has taken a significant bearish stance on semiconductors, disclosing $7.46 billion in put options tied to chipmakers and related exchange-traded funds. These include a $2.04 billion position against the VanEck Semiconductor ETF, a $1.57 billion bet against Nvidia (NVDA), and more than $1 billion in combined positions linked to Oracle (ORCL) and Broadcom (AVGO).
The overall positioning reflects a clear thesis: that the next leg of the AI boom may be driven less by chip design and more by control over energy, infrastructure, and large-scale compute capacity.
