Leopold Aschenbrenner has constructed a US inventory portfolio closely concentrated in corporations that offer the facility and infrastructure behind the unreal intelligence growth.
The previous OpenAI researcher, who left the lab’s superalignment workforce to launch San Francisco-based hedge fund Situational Consciousness LP, has expanded it from $383 million in property in early 2025 to a reported $5.52 billion in fairness positions in its newest 13F submitting with the US Securities and Change Fee.
The fund’s 13F submitting for This fall 2025 exhibits a extremely concentrated portfolio constructed round betting that the true winners of the AI growth received’t be chatbots, however the energy crops and information facilities that feed them. Situational Consciousness reported $5.52 billion in US fairness positions throughout 29 holdings, with a big share of that worth clustered in a handful of AI infrastructure names.
These embrace graphics processing unit (GPU) cloud supplier CoreWeave, gas cell and energy specialist Bloom Power, Intel, optics maker Lumentum and Bitcoin (BTC) miner-turned-AI infrastructure play Core Scientific.
Aschenbrenner first drew consideration as a precocious AI thinker after publishing a broadly learn “Situational Consciousness” manifesto on the race to superior AI, then shortly parlayed that profile into capital. His San Francisco-based AI hedge fund now manages greater than $1.5 billion, backed by distinguished tech founders, household workplaces and establishments.
Aschenbrenner has been a considerable web purchaser quarter-on-quarter, with Situational Consciousness’ 13-F reported US fairness and choices portfolio growing from about $254 million in This fall 2024 to greater than $5.5 billion by This fall 2025. Over that interval, the fund constructed sizable positions in Bitcoin miners and associated vitality infrastructure companies together with IREN, Cipher Mining, Riot Platforms, Bitdeer and Utilized Digital.
Bitcoin miners pivot from hashrate to horsepower
The wager aligns with a broader shift already reshaping Bitcoin mining. After the most recent halving squeezed block rewards, massive miners have began repurposing their high-density, power-rich websites as AI internet hosting hubs, treating megawatts and information heart area as scarce property within the new compute economic system somewhat than simply hashrate.
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Core Scientific, for instance, has signed a collection of 12-year high-performance computing internet hosting contracts with AI cloud agency CoreWeave, whereas MARA acquired a 64% stake in French computing infrastructure operator Exaion, increasing into AI and cloud providers.
Situational Consciousness disclosed a 9.4% stake in Core Scientific by way of an amended Schedule 13D, representing 28,756,478 shares with shared voting and disposition energy, successfully giving the fund a levered wager on CoreWeave’s enlargement and the miner’s pivot from pure Bitcoin to AI and high-performance computing.
On the similar time, the fund has taken intention on the different facet of the AI transition with a brief place in Indian IT large Infosys, a wager that enormous language fashions and AI coding instruments will stress the standard outsourced software program providers mannequin.
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