Leopold Aschenbrenner is scaling up his bet on AI infrastructure, rotating capital out of semiconductor stocks and into bitcoin miners and energy-linked compute providers.

The former OpenAI researcher—known for raising concerns about geopolitical risks to advanced AI—has significantly increased exposure to companies that control electricity, data centers, and high-performance computing, while building large downside positions against chipmakers.

His latest 13F filing with the U.S. Securities and Exchange Commission shows total disclosed equity holdings rising from $5.5 billion at the end of 2025 to $13.67 billion as of March 31.

The portfolio is heavily weighted toward bitcoin miners and related infrastructure firms, including IREN, Core Scientific (CORZ), Riot Platforms (RIOT), CleanSpark (CLSK), Bitfarms (BITF), Bitdeer (BTDR), and Hive Digital (HIVE). These companies are increasingly repositioning as providers of power and compute capacity for AI workloads, leveraging existing energy access and large-scale facilities.

As demand for AI data centers accelerates, their role in supplying the underlying infrastructure has gained prominence among investors.

Beyond mining firms, Aschenbrenner also disclosed notable stakes in Bloom Energy (BE), SanDisk (SNDK), and cloud infrastructure company CoreWeave (CRWV), reinforcing his focus on the physical layer supporting AI growth.

At the same time, he has taken a sizable bearish stance on the semiconductor sector, with $7.46 billion in put options tied to chipmakers and related exchange-traded funds. These include a $2.04 billion position against the VanEck Semiconductor ETF, a $1.57 billion bet against Nvidia (NVDA), and more than $1 billion in combined exposure linked to Oracle (ORCL) and Broadcom (AVGO).

The positioning underscores a clear thesis: as AI demand scales, the bottleneck—and opportunity—may shift from chip production to control over energy, infrastructure, and large-scale compute capacity.