Ex-OpenAI researcher bets big on Bitcoin mining firms for AI power needs, shorts semiconductor stocks.

Leopold Aschenbrenner, a former OpenAI researcher, dramatically increased his fund's equity holdings from $5.5 billion to $13.67 billion in Q1 2026, focusing on Bitcoin mining companies like IREN and Core Scientific. He believes AI growth is limited by power and land availability, assets Bitcoin miners already control, making them key AI infrastructure providers. Concurrently, he placed $7.46 billion in bearish put options against semiconductor firms such as Nvidia and Broadcom, betting their value will decline as AI's critical bottleneck shifts away from chips to energy and real estate. This strategic pivot highlights a shift in AI investment from hardware to infrastructure, potentially reshaping industry valuations.