The “Next Warren Buffett” Just Dropped His Portfolio. It’s a Wild Bet on AI’s Hidden Chokepoints.

If you’ve been tracking the AI boom, you know the narrative has mostly been about chatbots, LLMs, and the absolute dominance of Nvidia. But while the retail market is busy chasing the latest AI apps, one of the sharpest young minds in tech is quietly building a financial empire by betting on something entirely different: the unglamorous, brutal world of hard infrastructure.

Meet Leopold Aschenbrenner.

At just 19, he graduated from Columbia University with top honors. He then joined OpenAI’s elite Superalignment team, and in 2024, dropped Situational Awareness — a viral manifesto outlining the rapid, inevitable arrival of AGI. After leaving OpenAI, he didn’t just build another software startup. Instead, he founded a hedge fund called Situational Awareness LP.

And judging by his fresh Q1 2026 13F filing, he is playing a game that is steps ahead of everyone else.

From $225 Million to $13.7 Billion: The Anatomy of a Hyper-Growth Fund

To understand why people are calling Aschenbrenner the “Warren Buffett of the AI era,” you just have to look at the numbers. When Situational Awareness LP launched in 2024, it started with a modest (by Wall Street standards) $225 million. By the end of 2025, that figure ballooned to $5.5 billion.

Now? As of Q1 2026, the fund manages nearly $13.7 billion.

That kind of explosive growth doesn’t happen by playing it safe or copying the index. It happens when you have high conviction, massive leverage, and an understanding of the technology that most traditional fund managers simply can’t match.

The Big Short: Why He’s Buying Billions in Semiconductor Puts

When you look inside his actual portfolio, the first thing that slaps you in the face is a massive, contrarian bet against the very chips that power AI.

Aschenbrenner has loaded up on a staggering $8 billion+ in nominal volume of put options (which are essentially bets that the stock price will drop). He isn’t just shorting one company; he’s shorting the entire semiconductor ecosystem. His targets include:

• The SMH semiconductor ETF (a massive ~$2 billion position)
• Nvidia (NVDA), AMD, and TSMC
• Oracle (ORCL), Broadcom (AVGO), Micron (MU)

Why would an AI maximalist bet against AI chips? It’s simple: market over-saturation and valuation corrections. Aschenbrenner is deeply convinced that AI will change the world, but he also knows Wall Street has driven chip valuations into the stratosphere. These puts serve a dual purpose — they act as a massive hedge to protect his capital, and they represent a tactical play on an impending correction for overhyped hardware giants.

The Real Long Play: It’s All About Energy and Infrastructure

So, if the real money isn’t in the chatbots, and the chips are overvalued, where is the upside?

Aschenbrenner’s thesis has always been clear: the ultimate bottleneck for AI isn’t software or even processing power. It’s energy, data centers, and compute capacity. You can build the smartest model in the world, but if you can’t plug it into a power grid, it’s useless.

While he shorts the chips, he is aggressively long on the unglamorous backbone of the tech industry. His top long positions include:

• Energy and Infrastructure: Bloom Energy (BE), CoreWeave (CRWV), and SanDisk (SNDK).
• Crypto Miners: CleanSpark (CLSK) and Riot Platforms (RIOT) — companies that own massive, high-powered data centers and have direct access to the energy grids required to run next-generation AI workloads.

He is putting his capital exactly where the physical constraints of AI lie. He’s betting on the utilities and the landlords of the digital age.

The Billion-Dollar Conviction

Warren Buffett famously told investors to “be fearful when others are greedy, and greedy when others are fearful.”

Leopold Aschenbrenner is embodying that exact philosophy, but with a modern, high-tech twist. He sees the greed in the semiconductor market, so he’s buying puts. He sees the underappreciated crisis in energy and infrastructure, so he’s buying longs.

It is a high-stakes, maximum-conviction play that treats AI not as a digital trend, but as a physical, industrial revolution. In a couple of years, we’ll look back at this Q1 2026 filing and know for sure: was this the most brilliant macroeconomic bet of our generation, or a dangerously aggressive miscalculation?

If history tells us anything about Aschenbrenner, it’s that you probably shouldn’t bet against him.

The “Next Warren Buffett” Just Dropped His Portfolio. It’s a Wild Bet on AI’s Hidden Chokepoints. was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.