Leopold Aschenbrenner has constructed a US inventory portfolio closely concentrated in firms that offer the ability and infrastructure behind the synthetic intelligence increase.
The previous OpenAI researcher, who left the lab’s superalignment crew 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 autumn 2025 reveals a extremely concentrated portfolio constructed round betting that the true winners of the AI increase gained’t be chatbots, however the energy vegetation and knowledge 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, gasoline 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 outstanding tech founders, household places of work and establishments.
Aschenbrenner has been a considerable internet purchaser quarter-on-quarter, with Situational Consciousness’ 13-F reported US fairness and choices portfolio growing from about $254 million in This autumn 2024 to greater than $5.5 billion by This autumn 2025. Over that interval, the fund constructed sizable positions in Bitcoin miners and associated power infrastructure corporations together with IREN, Cipher Mining, Riot Platforms, Bitdeer and Utilized Digital.
Bitcoin miners pivot from hashrate to horsepower
The guess aligns with a broader shift already reshaping Bitcoin mining. After the newest halving squeezed block rewards, giant miners have began repurposing their high-density, power-rich websites as AI internet hosting hubs, treating megawatts and knowledge 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 companies.
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 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 purpose on the different aspect of the AI transition with a brief place in Indian IT big Infosys, a wager that giant language fashions and AI coding instruments will stress the normal outsourced software program companies mannequin.
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