We discuss Leopold Aschenbrenner’s AI-focused portfolio, including his reported short on NVIDIA and large private investment in Anthropic. We also cover NVIDIA’s bond offering and the idea that the AI infrastructure trade is shifting toward power, networking, and data-center buildout rather than just chips. ------ 🌌 LIMITLESS HQ ⬇️ NEWSLETTER: https://limitlessft.substack.com/ FOLLOW ON X: https://x.com/LimitlessFT SPOTIFY: https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQ APPLE: https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890 RSS FEED: https://limitlessft.substack.com/ ------ TIMESTAMPS 0:00 Leopold’s AI Portfolio 1:24 NVIDIA Short Explained 3:43 Bond Deal Breakdown 7:35 Why He Rotated 9:19 Anthropic Surprise Stake 12:19 Next Infrastructure Wave 14:28 Picking the Winners 17:55 Optics and Fiber Edge 22:00 Bubble or Not? 23:25 Energy Is the Bet 24:47 Closing Thoughts ------ RESOURCES Josh: https://x.com/JoshKale Ejaaz: https://x.com/cryptopunk7213 ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Updates From the #1 AI Investor: Leopold's NVIDIA & Anthropic Strategy

Limitless: An AI Podcast

Leopold Aschenbrenner, that 24 year old guy who invests in AI, he's very clearly the best AI investor in the world. There is word on the street that his notional position in this fund is now over 20 billion dollars. And Ejaz, we were looking at one of your posts from about a month ago and it was 13. So the fund seems to be doubling basically every quarter. And we have some pretty serious and interesting updates on what Leopold has been investing in. You'll note that in the last episode, we covered his portfolio. He was actually short a company that a lot of people are familiar with, the largest one in the world.

NVIDIA. And nobody could figure out why. He had over nine billion dollars worth of shorts on the largest and hottest AI company in the world. Today, we have some news that might actually uncover the reason why. It comes in the form of a debt offering. NVIDIA is actually raising money, which doesn't seem to make sense on the surface. Why would a company as big as NVIDIA be raising what just closed as 25 billion dollars in cash when their margins in particular are so, so high? So on the episode today, we're going to talk about Leopold's portfolio, how he's doing so well, what he's looking at.

Looking forward to and what he's positioning himself to, to go next. But also, what's going on with NVIDIA? Yeah. So Leopold Aschenbrenner, for context, ex-open AI researcher, raised a fund about one and a half to two years ago. It was a small casual raise of 200 million dollars, I believe. And since then, since his last 13F filings, the fund is worth 13.7 billion dollars.

Updates From the #1 AI Investor: Leopold's NVIDIA & Anthropic Strategy

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Updates From the #1 AI Investor: Leopold's NVIDIA & Anthropic Strategy

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.