Leopold Aschenbrenner, the 24-year-old former OpenAI researcher and founder of Situational Awareness LP, has built an equity portfolio of $13.67 billion in exposure as of March 31, 2026, nearly triple the $5.52 billion at the end of 2025. His core thesis: former Bitcoin miners own the most valuable energy and land assets for AI scaling. The fund’s top holdings include Core Scientific, Riot Platforms, CleanSpark, IREN, Bloom Energy, and CoreWeave. In parallel, the fund has taken short positions worth approximately $7.46 billion against semiconductor stocks, arguing that the market is overpricing chip supply and undervaluing downstream physical infrastructure. The fund suffered significant losses by mid-2026, forcing a major liquidation of public equity positions through a transaction with Citadel.
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