【AI Investment King】After being fired by OpenAI, a glamorous transformation into Wall Street's AI Investment King. At 24 years old, managing a $5.5 billion fund. Which stocks does he hold?

Amid the AI (Artificial Intelligence) boom, many “kings” have emerged. Among them is Leopold Aschenbrenner, only 24 years old, a former OpenAI researcher—after he was fired in 2024 for “leaking secrets,” who would have known that he would then step onto the road to becoming a Wall Street AI investment king.

Two months after Leopold Aschenbrenner was dismissed by OpenAI, he published a 165-page paper titled Situational Awareness: The Decade Ahead. The content concerns everything he saw inside OpenAI. He said that AGI (Artificial General Intelligence) would arrive earlier than everyone estimated, but the whole world is not yet ready. And the biggest bottleneck that would help trigger an AGI surge is not algorithms, but infrastructure such as electricity and computing power.

Leopold Aschenbrenner plunges into the AI infrastructure world

At only 23 years old, Leopold Aschenbrenner founded Situational Awareness LP (SALP). Six months after the fund was established, its assets under management (AUM) rose from $225 million to $2 billion. After another year, it further increased to $5.52 billion, nearly a 24-fold growth.

In mid-2024, while others were still rushing to buy AI-related chips and models such as Nvidia (US: NVDA) and TSMC (US: TSM), he closed out Nvidia options worth $300 million and then turned around to invest 20% of his position ($855 million) into a fuel cell producer, Bloom Energy (US: BE). At the same time, he aggressively bought into bitcoin mining and power stocks, throwing himself into the AI infrastructure space.

Leopold Aschenbrenner believes that the growth pace of AI physical infrastructure far lags behind the speed at which AI models iterate. This, to him, is the “golden gap,” so the investment portfolio of his fund can be said to be an “AI logistics list.”

“Software can iterate quickly with AI, but things in the physical world—factories, energy, and infrastructure—AI can’t create. That’s what will be the most valuable assets in the future.”

Leopold Aschenbrenner’s fund holdings revealed

Leopold Aschenbrenner is bullish on Bloom Energy’s fuel cells, which can directly convert natural gas into electricity without relying on the power grid. His investment in bitcoin miners is based on the land, power, and grid permits he has on hand. The acquisition is like “taking over a licensed tavern that already exists.” This includes Core Scientific (US: CORZ), Cipher Mining (US: CIFR), and Bitdeer (US: BTDR). He also increased his holdings in CoreWeave (US: CRWV), a leading AI cloud infrastructure company, while shorting the IT outsourcing firm Infosys (US: INFY).

Leopold Aschenbrenner expects, 2027 AGI will arrive as scheduled. By then, the total global AI investment amount will exceed $1 trillion, and his fund will still be adding to and laying out positions.

Other holdings of Leopold Aschenbrenner include IREN (US: IREN), Intel (US: INTC), SanDisk (US: SNDK), Applied Digital (US: APLD), Lumentum (US: LITE), and Coherent (US: COHR).

Leopold Aschenbrenner, dubbed the “economics prodigy” at age 17

Leopold Aschenbrenner was born into a German doctor’s family. At 15, he entered Columbia University. At 19, he graduated with excellent grades. At 17, he was dubbed the “economics prodigy.” After graduation, he first joined the Future Fund (Future Fund) under FTX, founded by Sam Bankman Fried. FTX was once the world’s second-largest cryptocurrency exchange, with a valuation that at one point exceeded $32 billion. However, it later collapsed due to a fraud case, and the team was disbanded. But this experience allowed him to see the underlying logic of how technology and capital combine.

In 2023, he joined OpenAI, specializing in “how to control AI that goes beyond humans,” and he often wrote memos saying that OpenAI’s security measures were full of loopholes. He was then fired by OpenAI for allegedly leaking company secrets.

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