Anthropic Stake Drives This AI Hedge Fund to $20 Billion and 270% Gains
A 24-year-old former OpenAI researcher has turned a depressing essay about synthetic intelligence into one of many hottest trades on Wall Street. Leopold Aschenbrenner’s AI hedge fund, Situational Awareness, now manages about $20 billion.
The fund gained roughly 270% after charges this 12 months via May, in accordance to figures reported by the Wall Street Journal. In plain phrases, cash left there in January would have practically quadrupled by spring.
The Big Idea, Explained Simply
Think of the AI increase as a gold rush. Aschenbrenner shouldn’t be betting on who finds probably the most gold. He is betting on whoever sells the shovels.
His shovels are electrical energy and computer systems. Powerful AI wants enormous quantities of each. He argues these bodily limits, not intelligent software program, will resolve who will get wealthy.
He laid this out in a 165-page essay in 2024, and it went viral. Some of the shovel sellers he favors are Bitcoin miners hosting AI as a substitute of mining cash.
What the AI Hedge Fund Actually Owns
His largest public holding is Bloom Energy, an organization that makes gasoline cells to generate energy on web site. He additionally owns CoreWeave, which rents out AI computing energy, plus a number of former mining data centers now operating AI.
Here is the intelligent twist. While betting on energy, he’s additionally betting in opposition to the chipmakers everybody loves. He has wagered greater than $1.5 billion that Nvidia’s inventory will fall, and over $2 billion in opposition to a basket of chip shares.
Traders name these brief bets. His reasoning is straightforward. Chip costs already assume all the things goes completely, whereas the actual scarcity will likely be electrical energy.
The Anthropic Jackpot
His single largest place shouldn’t be a inventory in any respect. It is a personal slice of Anthropic, the company behind the Claude chatbot.
He purchased in throughout February 2025, when Anthropic was value about $60 billion. By May 2026 that price ticket had jumped to $965 billion after a recent funding round. That one wager now makes up roughly a fifth of the entire fund.
His agency even exhibits up amongst Anthropic’s listed buyers, and the AI maker has since moved towards an Anthropic confidential IPO.
Jane Street, a secretive buying and selling large that hardly ever backs outsiders, has additionally put cash into the fund.
The Catch
Betting massive on one concept cuts each methods. If firms gradual their AI spending or the facility crunch eases, the fund may fall simply as quick because it rose.
That identical danger hangs over Bitcoin miner AI stocks throughout the board.
For now the wager is paying off, and a lot rides on whether or not Anthropic’s soaring private valuation holds up. The coming months will present whether or not shovels actually do beat gold.
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