Leopold Aschenbrenner has constructed a US inventory portfolio closely concentrated in corporations that offer the ability and infrastructure behind the synthetic intelligence increase.
The former OpenAI researcher, who left the lab’s superalignment staff to launch San Francisco-based hedge fund Situational Consciousness LP, has grown it from $383 million in belongings in early 2025 to a reported $5.52 billion in US fairness positions in its newest 13F submitting with the US Securities and Trade Fee.
The fund’s 13F submitting for This fall 2025 reveals a extremely concentrated portfolio constructed round betting that the actual winners of the AI increase received’t be chatbots, however the energy vegetation 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 embody 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 rapidly parlayed that profile into capital. His San Francisco-based AI hedge fund now manages greater than $1.5 billion, backed by outstanding tech founders, household places of work and establishments.
Aschenbrenner has been a considerable web purchaser quarter over quarter, with Situational Consciousness’s 13-F reported US fairness and choices portfolio rising 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 power infrastructure corporations equivalent to IREN, Cipher Mining, Riot Platforms, Bitdeer and Utilized Digital.
Bitcoin miners pivot from hash price to horsepower
The guess aligns with a broader shift already reshaping Bitcoin mining. After the most recent halving squeezed block rewards, giant miners have began repurposing their high-density, power-rich websites as AI internet hosting hubs, treating megawatts and information heart house as scarce belongings within the new compute financial system relatively than simply hashrate.
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Core Scientific, for instance, has signed a sequence 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 through an amended Schedule 13D, representing 28,756,478 shares with shared voting and disposition energy, successfully giving the fund a levered guess on CoreWeave’s enlargement and the miner’s pivot from pure Bitcoin to AI and high-performance computing.
On the identical time, the fund has taken goal on the different aspect of the AI transition with a brief place in Indian IT large Infosys, a wager that enormous language fashions and AI coding instruments will strain the standard outsourced software program providers mannequin.
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