leopold aschenbrenner just released his fund's latest investment portfolio & honestly its not what i expected he's gone massively short the entire semiconductor supply chain but also revealed what he thinks the next AI constraint is: > biggest surprise: he's short intel. he sold out of his massive Intel position that made him famous. > he's also gone short $9B worth of puts in nvidia, asml, amd, oracle and van ecks semi etf. > biggest long positions are in memory (sandisk) and power (bloom) with a combined $3.5B value (these are his next bottlenecks) > he trimmed ~$1B of bloom energy position but still holds $1 billion of it. his single largest long holding. > his lumentum position is gone (bearish optics?) > the one consistent thesis is he continues to hold data center bets (ai labs will still need gpus) > fund is now worth $13.7 billion (notional). it was just $5.5B 3 months ago and $220 million ~1yr ago