Limitless Podcast - Leopold is Back: 13F Filings Reveal a New Bet

Episode Date: May 18, 2026

Leopold Aschenbrenner is back with his latest 13F filing and his sharp shift from bullish to bearish on major AI and semiconductor names like NVIDIA, AMD, and Broadcom. Although these positions date back to Q1, we can use this to explore his long positions in power, infrastructure, and data center-related companies. More importantly, we need to find out where the puck is moving next.------🌌 LIMITLESS HQ ⬇️NEWSLETTER:    https://limitlessft.substack.com/FOLLOW ON X:   https://x.com/LimitlessFTSPOTIFY:             https://open.spotify.com/show/5oV29YUL8AzzwXkxEXlRMQAPPLE:                 https://podcasts.apple.com/us/podcast/limitless-podcast/id1813210890RSS FEED:           https://limitlessft.substack.com/------POLYMARKET | #1 PREDICTION MARKET 🔮https://bankless.cc/polymarket-podcast------TIMESTAMPS0:00 Leopold the Bear1:26 Massive Semiconductor Short3:35 CoreWeave and Energy6:08 Changing Thesis9:30 The Strategy12:07 New AI Bottleneck16:31 Where the Trade Breaks20:38 Retail Versus Trader23:58 Energy and Infrastructure 25:59 Stack-Wide Opportunity28:25 Closing------RESOURCESJosh: https://x.com/JoshKaleEjaaz: https://x.com/cryptopunk7213------Not financial or tax advice. See our investment disclosures here:https://www.bankless.com/disclosures⁠

The most famous AI bowl on Wall Street just called the top on the entire AI market. Leopold Ashenbrenum, the 24-year-old ex-open-Aid researcher who got fired, started a fund and turned $250 million into $14 billion in less than two years is back. And his latest investment portfolio is not what you'd expect. He's gone completely bearish the entire stock market. He has taken out an $8 billion short across the biggest names in AI. We're talking about Nvidia, AMD, Broadcom, and the entire semiconductor. to supply chain. But all is not lost. He also revealed where the next biggest AI investment is going to be. It's in power and memory. He's doubled down on his investments in data centers as well as

three brand new companies. We're going to get into all of this. But first, let's talk about the biggest changes. EJ is the largest company in the world, Nvidia, the poster child for the AI revolution. The stock that has made so many investors so wealthy over this run is now in the crosshairs. This is the largest short position that Leopold has. And it's not obviously apparent when you you're looking at the filing, because when you look at the portfolio of what he's most short, we see Vanek Semicductor ETF is number one. And just beneath that is Nvidia. Now, currently, he has $1.5 billion of short exposure to Nvidia. And this comes through the form of a put, and those from not familiar with it, a put basically just gives Leopold the option, but not the

obligation to sell the underlying asset at a predetermined price. So he basically buys the right to sell Nvidia stock at a higher price. Should it go lower? Now, there's a $2 billion position sitting just above this, which is a stock that most people may not have heard before. The ticker is SMH, and it goes by the name of Van Ex Semiconductor ETF. Within this ETF, I was looking through the holdings, and the largest holding is actually Nvidia at 20%, which means if you combine the top two shorts, you get a $1.9 billion short position on Nvidia. And this is probably disappointing to a lot because everyone seems to believe that Nvidia is on a one-way trajectory north, but Leopold seems to think otherwise. In addition to this position, we have

Broadcom, Oracle, AMD, Micron, ASML, Intel, Corning. These are all short positions now. And what you'll know is that, I mean, Intel, one of the ones that he made his bread and butter on, Intel made him more money than any stock in, I think, the portfolio's history. He is now short on Intel. And these are all new positions. He's short on Broadcom. For those not familiar, Broadcom is the company that is responsible mostly for building

out Open AI's project Stargate. That means he's essentially pulling out a short position on Open AI and Project Stargate. So there's some concerning names here if you've been bullish on the AI market for a while, even something like Corning, the optical glass company. This has been a big kind of beta play after the semiconductor trade, and he's pulled up a big short position on this. So there's a lot of shorts that are coming on the market. There's, like you said, $8 billion of short exposure.

That's 40 times more than the fund was worth just 18 months ago. So this is a huge position he's taking. Yeah, it's extremely aggressive. And it becomes more apparent when you realize that his entire fund thesis was based on an 64-page essay that he wrote called situational awareness. And the core thesis, if you remember, Josh, is a big bet on semiconductors, specifically that compute flops will increase on multiple orders of magnitude over the next decade. This explicit swing trade that he's made, this $8 billion short position,

is effectively a bet against that now. So it either indicates one of two things. One, he thinks that the market is too crowded for this particular trade, and so he's expecting there to be short-term volatility in downwards pressure on price, or he just believes something's broken in his thesis, and he hasn't like spoken about what that might be. Now, not all is lost. If you look on the right side of this chart that we're showing,

there is a bull book as well. So he does hold still massive positions in stock equity positions for specific types of companies, as well as taking on call options as well. So let's look at what he's positive on. So CoreWeave, he's maintained his position, and Corweave has been one of his biggest data center or neocloud investments for the longest time since the start of the fund, actually. And he's taken levered bets on Corweave in many different ways through his own private investment or acquisition of a core scientific, which helps Corweave do its thing. So for those of you aren't familiar, Corweave is basically a neocloud that creates and sets up GPUs and provides them to the biggest AI labs. They've signed multi-billion dollar deals with the likes of meta.

anthropic and the likes of that. And then if you look just below that, Bloom Energy, this was his biggest our fan favorite, our fan favorite of last quarter. Bloom Energy creates these portable gas turbines which you can kind of like fly into wherever your data center is and generate energy.

Of course, one of the biggest constraints for AI data centers right now is that you have all these fancy GPUs, but you can't power them up because the energy grid that is currently here in the US does not work. It's not really effective. So you need to kind of have supplemental resources. That is Bloom Energy. He hasn't exited this position, but he did trim off a cool $1 billion.

And to be honest with you, I don't blame him. His position went from, I believe, $800 million to about $2.5 billion potentially over the last three months. So it makes sense that he's taking some money off, but he's still maintaining about just over a billion dollars worth of Bloom Energy stock specifically. And then, if you look below this, he's increased a bunch of different companies, Clean Spark, he's increased, Riot Platforms, Apply Digital, and Iron. Now, if these names seem a little familiar, that's because they play in the same neocloud market as Coreweber's self. So he's really doubling down on data centers and neocloud specifically. He's observed that the likes of Anthropic and opening are releasing new models and that compute scaling laws are just continually increasing. So his big bet is that GPUs is still needed, but right now it's a delivery function that they're facing.

And these companies solve that versus the actual GPU manufacturer, which is why I guess he's short, Nvidia broke home and all the like. So interesting to see. Yeah, this is a new narrative trade that we have forming where we're kind of moving away from the semiconductors into more of that infrastructure, into the power, into the data centers, into the memory. And he's very much doubling down what we saw last quarter, but doing so in a way where he's also gaining short exposure to the companies that he thinks might not do so well. Now, it's important to note that this 13F filing is a snapshot. It is a single moment in time that is taken based on the previous quarter's trades. So the trades that are in this 13-f filing, the holdings in there, are from January 1st to March 31st. This is basically

where he ended the quarter. And Leopold has been right pretty much every single time. And we've seen his portfolio grow from $220 million to that, what, $13.7 billion in notional value currently. But there are some things that he might be getting wrong. When I go back to that short list, and I think about the companies that he shorted, AMD is one of those large shorts. AMD is up 74% in the last month. And he shorted it. So he picked perhaps one of the shorted. of the most expensive moments to bet against this rotation, but nonetheless, he thinks that the rotation is happening. So is it a timing thing? Is it a general thesis thing? Another one that was surprising is ASML? I mean, as far as I'm concerned, ASML is still the only company that can do lithography.

It's a 100% monopoly on these chips, and he's shorting that. So clearly the thesis really is strongly presented towards memory and power and infrastructure over the semiconductors, and I think it's just noteworthy to mention. Now, we have these two charts. The book By the Numbers that shows the stock-only positions as well as the top options positions. Maybe we want to walk through that briefly just to do a little traceover of what he currently holds and where. Well, I think what actually might be more useful, Josh, is if we walk through like what his thesis might be for all of these positions, right? Because these are pretty aggressive, right? Why is he doing this?

We've got like a massive short position, $9 billion that is not a small like number. And then we have this like small, weirdly bullish position, but we're unsure because like they're just a bunch of neoclods and power companies. which we haven't really heard of, like, are these good, are these bad? So here's my take. He's doing a bi-directional trade here for his thesis, and that is he is short silicon. So he thinks it's an overcrowded trade.

He thinks GPU designers such as Nvidia, Broadcom, as well as maybe manufacturers of the chips themselves, TSM, they're all like overcrowded trades right here. I don't think he thinks he's bearish those things. I just think that he thinks that they're overvalued right now. And then conversely, He's very long power. He understands data centers and GPUs, unlike nobody else in this entire market. He has researched these things for goodness knows how long. And so he, of all people,

will know where that next constraint is. And obviously, he thinks it's power, energy. He doesn't think there's enough energy or ways to get this power and energy to the GPUs itself. So maybe it's not that he's explicitly bearish on the semis specifically, but he thinks that his money is better spent chasing that next constraint. And he's expressed that as not just power. By the way, it's memory as well. He doubled down on Sandisk as well, which, by the way, is up like 40,000%

over the last year. So you would think that if any trade was overcrowded, it would be Sandus. But obviously, he sees something that we haven't. Sandisk is famous for creating a specific type of memory known as NAND Flash, which allows you to kind of store temporary memory for AI models.

Like when you talk to an AI model, it needs to store temporary memory about you so that you can remember stuff and recall stuff when you're conversing with it, that is explicitly something that Sandus provides. So I think that he isn't necessarily bearish the GPUs. He's just short-term thinking that it's an overcrowded trade and his money's better spent on things like power and memory. And now I'm wondering, is he bullish or bearish on the market as a whole? Because, I mean, this is the first time in the fund's history where the short side of the book is actually larger

than the long side in terms of notion of value and exposure that they have. And this is a really stark difference for someone who's been really up only and long only. And when I was first evaluating this, I was wondering, well, is this just a hedge? Is this protecting his investments because they've gone up so much? Maybe he's just locking it in and he's kind of protecting his downside. But if it was a hedge, you'd really only expect kind of smaller positions sized to offset the long book. And we saw this last quarter where he was, he had some hedge positions, but it was mostly a hedge. It wasn't a directional bet. But now that the puts are larger than the longs, it's kind of a directional bet on the market going down. So it seems like this weird pseudo thing

where he expects the AIA market to perhaps go down. But even as a result of that, some of these things, the memory, the infrastructure, the energy will continue to go up and that's the bet. So I wonder how that impacts the broader market as a whole because it puts him in this like weird juxtosed position where the market goes down, but yet some positions will not be going down. Does that make sense? We actually have some proving points around that because I think you're touching on something which is basically uncertainty. He doesn't know whether in some cases he's right or whether the market will go up and down. And you see that with, he's matched a bunch of his put positions with coal positions as well. Yeah, this is a great chart. Yeah, he's trading a bi-directional

book. So what that means is in typical kind of like hedge fund mannerisms, if you don't know where the market is going to go, whether it's going to go up or down, you hedge positions and you can cream off profit from the premiums that you make between these positions. So let's say you take out, I'm just making this up, like a $10 million put position on one company, you can take out the equivalent on the other side and then like just earn from the margins between those different positions. If the price goes up or the price goes down, you still get paid premiums, right? It's known as like a collar trade specifically. So he's done that on four companies, the biggest one being Micron. And if he's bullish sandisk memory, I don't understand how you would also be bearish

from a thesis level on Micron, which is like the biggest U.S. play. You know, Leopold is a purist, I believe. And so he's very bullish American stocks. That's why he made his biggest amount of money from the Intel trade. He's doing it with boom energy, Nvidia and the like. So it would seem weird that he's like taking out a short position on Micron. But the way I understand it is he's doing this as a flat trade. He doesn't know which way it's going to go.

He does believe the market is overcrowded. He does believe long term it's going to do very well. But he can't play around with, you know, a crazy billion dollar swing trade. So he's decided to hedge the market. And I think that's pretty smart, actually. Yeah. And I guess you could kind of reduce this down into four key claims to this new thesis. This is the new, like, Leopold thesis.

The first one being that the bottleneck has moved from chips to electrons. And we have that. We kind of know that a lot of chips are available. The problem is figuring out where to plug them into. And we see that with the most recent deal that was announced between SpaceX and Anthropic. Where Anthropic is so desperate for compute, they're willing to partner up with their rivals in order to get it. That is not a matter of not having enough chips. It's a matter of not having the correct

infrastructure to deploy these chips at scale. The second claim is that chip valuations are priced for a world that doesn't really exist anymore. That ETF, the SMH ETF that we mentioned earlier, it's up 66% year-to-date. Meanwhile, Intel is up 200%. So while the market is pricing in a world where every name and semis benefits equally from this AI demand, Leopold is taking account of that. He's saying, that's not how this works. There are winners and there are losers and the early winners are the ones that are going to keep on winning. And he's going to continue to pursue that as far as he could take it. I just noticed something crazy as well, Josh. If we go back to these like long positions that he's taken. So he's maintained his core

position and he's doubled down on a bunch of neoclots, right? These neoclots, these companies stand to benefit from the exact thesis that he's trading with this new portfolio. So let's say that semi-stocks go down, right? Their stocks would also go down, right? Because they own the GPUs. But CoreWeave and these other companies own something else that Nvidia currently doesn't have, which is the power access. Remember, he invested in a bunch of these neoclouts, not just because they can run GPUs. That's something that any data set it could do. You just need capital to do it. But more importantly, they have the licenses and access to existing energy grid infrastructure that can serve these GPUs. So he's playing both sides of the trade pretty intelligently.

through just a single company that can express both his interest in the power trade, but also his bearishness on the semis trade as well. Like he can have a win-win, and that makes sense because that's the companies that, or type of companies that he's doubled down on. It's exactly these data-cented NeoCards that have access to power. It's just, it's a pretty small trade. And he's also doubled down in this fun little Easter egg on where you can actually get this power and get this grid capability.

And those are Bitcoin mining companies. We talked about this briefly last quarter, but he's going big on them again. And this year, US Bitcoin miners are going to approximately put 30 gigawatts of interconnected power capacity online. That's roughly, I mean, for comparison, that's roughly the total amount of Microsoft, Google, Amazon, and meta combined in what they announced. So this is a tremendous amount of data centers that they're putting online that everyone's going to need. And because people are kind of pivoting from Bitcoin to AI, they already have a lot of the critical infrastructure. They have the power. They have the data centers size.

They have it built out. All they need to do is swapping new chips that are built for AI, and they're on their way. And that is a really unique, interesting case that I don't think I've seen a lot of people explore other than Leopold. It's just taking the Bitcoin pivot, the crypto pivot. A lot of Bitcoin miners, they're there to follow the money. And when the money's in AI and they can put 30 gigawatts online in a single year, that's a huge amount. Yeah. When I zoom out from this, right, everything we've discussed so far, there's like a clear view that he's taking here, which is he's doubling down on. physical infrastructure. He doesn't believe that can get commoditized, but what he's saying, and this is a big statement, is he thinks the design layer of semiconductors, the chip side of things, is overcrowded. Now, may I remind everyone, Nvidia doesn't actually make the chips.

They're a design company. They create the design, and they send the blueprints to this company in time on call TSM, and they actually manufacture and build the chips for them, right? Broadcom does the same thing. Intel creates CPUs and GPUs, AMD as well. These are two companies that he's short on this recent filing.

But again, they create the designs for these things. They don't actually build the thing. Now, Intel and AMD's intention is to eventually do this, but they haven't got the necessary factories or infrastructures to be able to do this. That's their plan in the next five years. So he's making an explicit bet, which is like the design space for chips is overcrowded, but the hardware infrastructure layer is where all the money is going. And one thing that they need as a substrate, more than anything,

is power. So he's making that bet. Yeah. Okay. So we have this one section that talks about where the trade breaks, where this thing can start to break down. Now, I mentioned earlier, AMD, he was short on, it's up 75%. That's got a sting. Is this correct? And we have a few things listed here on where it breaks. The first being around Nvidia, the largest short position through these two holdings that he has of $1.9 billion. And it could break in the sense that Nvidia's moat is actually stickier than he thinks. So currently, he's betting on the fact that Invidia's, is going to become kind of commoditized as it relates to chips, likely that other companies like Google and Amazon through their TPUs or their Traneum chips are going to slowly start to chip away

at the Nvidia monopoly. And the reality is that that may not be entirely true. When you see a lot of the purchase orders coming in, when you look at the margins that they have around 80% on these GPUs, a lot of the volume is still coming into Nvidia. And a lot of that is due to this thing called Kudo, which is the platform lock-in. It's the software stack that runs on top of this hardware. And it's very custom. It's very kind of niche in the people that can build for it. And there's a world in which that becomes a pretty strong mold, a moat in which people who are investing in Nvidia, they don't want to leave. People who are building out these data centers, it's just easy because they've built it before. And building custom info for all these new chips

is going to be complicated. Is that true or not? We don't know. Anthropic is kind of taking the route of it not being true. They've partnered with Amazon for Traneum chips. They've partnered with Google for TPUs and they're using NVIDIA, but then you see a company like XAI and Colosses, their entire data center is purely NVIDIA GPUs and just workhorses, and they're taking the new Blackwell chips and they're building them up as fast as they can, and they're very much leaning into that Kudemote. So it's something that we're going to have to see. This is one of the thesis that might play out, but it could be a little difficult. And I mean, again, Nvidia's the most valuable company in the world. This is a big company to start to fall apart now.

Yeah, I mean, we have Nvidia GPUs that are six to eight years old that are being rented out a year in advance of their contract expiring, right? And for more value than they were years ago. And for more value than they originally were. So the old H-100s from years ago are actually worth more today than they were two years ago. That's unbelievable. I mean, Leopold's trading stock kind of reminds me of another trader that we spoke about a few months ago that got burned pretty badly, Michael Burry, who went incredibly perished on Bidia right at the point that the stock absolutely said. So I hope the same thing doesn't happen to Leopold. But to kind of like also pick apart at some of the other, kind of like gaps in his potential thinking or risks here is Leopold runs a hedge fund, right?

Situational awareness fund isn't a VC fund, which is typically like long only. It's actually kind of rare to see a hedge fund go super long as aggressively as he did, right? So the point being is what you see or what we're speaking about in the 13F filings, which is something that he has to submit, his trade breakdown, his investment portfolio every three months, may not be the latest and greatest trades that he's currently made. In fact, today, as we're speaking about this, after he's filed the report at the end of March, he could have changed all these traits. He could have done completely something different, right?

Another thing I think about is, when did he take these put positions? When did he take these specific positions? They could have been at the start of the year. And, like, you know, the fund could have suffered pretty badly. Now, the obvious evidence to prove that this isn't the case is the fact that the value of his fund went from $5.5 billion three months ago to $14 billion.

So the point is he's made money, he's taken off money from the top. And it's important to point out that these put positions, these call positions, these are kind of like levered bet. So when we talk about a $8 billion put position in total, he's typically probably only put up like a billion dollars worth of actual capital, right? Now, he's also paying a lot of fees and premiums on that. So it's like a short-term trade. Again, I must say, like he might have existed some of these trades already. So if you're reading this, if you're listening to this and you're thinking, oh my God, I need to change my entire

stock portfolio. Remember, you may not necessarily be trading like him. You're not doing short-term or high-frequency he trades, you might be in it for the long term, and that's a very different type of kind of approach. And maybe, Josh, this is a good time to talk about what the retail audience can do about this and what the actual thesis might be and where you might want to invest your money going forward. Yeah, so we actually have some data to back this up through polymarket, which shows us that things might not be as bad as we're perceiving them because, again, retail is different than what he's doing. I mean, Leopold is a trader. If you're a retail investor, things are a little bit different. If you think that the AI bubble is going to pop,

and that's what this implies, according to Polymarket, that's sadly mistaken. There's only a 24% chance of the AI bubble bursting by December 31st of this year. Very low probability. There's also a second market that I wanted to highlight, which shows the largest company by the end of May this month in a few more weeks. Now, currently, Nvidia is the largest company in the world, and they're pretty closely followed by Google. The reality is, though, according to Polymarket, there's still a 93% chance that it stays this way, that Nvidia is going to continue to take the crown throughout the course this month. And I think that's a testament to a little bit less volatility than he may be implying with these earnings and with this 13-0 filing. So again,

it's important to note that this is last quarter's news. The tides have turned pretty considerably. We don't know what's happened over the last couple of months that he's been trading. But I think it's a good testament to the fact that things aren't quite as bad as it may seem on the surface, he's just applying a new strategy that kind of alters the trajectory of this portfolio. And thank you to Polymarket for showcasing these charts. So yeah, I guess we should get back to the question of how do you as a retail investor adjust to this? What is your strategy? How do you navigate this? Are you bullish? Are you bearish? Do you have any ideas on like kind of your gut take on how you personally plan's position yourself or how people should consider positioning

themselves around this new information? So I'll give you two answers. If I was someone who is kind of like new into this market and is just reading Leopold's 13F filing and are like basing their trading decisions off of that, you would be tentative. You wouldn't be, this isn't a time to go crazy and go all in on a single stock. I would never advise that anyway. But the point is, I think he's being conservative for a reason, which is the market on average has probably run up a couple hundred percent over the last two years. And that in a regular stock market is absolutely huge. If you look at like the major increases in the S&P 500, it is primarily been through five top companies in the Mac 7, which have all invested extremely heavily and aggressively in AI.

And that money flows downstream into a lot of these companies that were spoken about already. So he may just be suggesting that it is an overcrowded trade, so just be cautious and careful. That being said, I always have a bullish cap on, Josh. And where my mind goes to right now is in the power and energy side of things. Now, I'm aligned with Leopold. on the Bloom energies and the data center's side of things. In fact, I think it's genius that even if you invest in some of these top neocloud providers who are signing, by the way, multi-billion dollar deals with Anthropic and Meta, you still get to benefit if the semiconductor space goes down because they own the power capacity. That's something new that I've

learned from this that I'm feeling extremely bullish on, right? So that's something that I might park my money in, right? Equally so, I'm looking at some of his short positions on the likes of companies such as Corning, which is also a bottleneck, right? It's on the optics. side of things, and Nvidia just signed a massive multibillion-dollar partnership with them, and he's short on them. So he's kind of picking and choosing which bottleneck that he wants. I'm kind of more bullish on power at this point, but I don't know if he's completely nailed it when it comes to some of these optical fiber networks and some of the other short positions that he have. I don't know. What about you? Yeah, I think that, well, the general trend through all of this is, for me, at least,

personally, the way I think about navigating AI is that the two most powerful, two most important things are energy and the physical movement of these atoms. I think the physical world is really difficult and complicated and moves much slower than the world of software. And if anyone has a unique advantage around manufacturing, around actual construction, around gaining the permits to put these things online, that is a huge structural advantage. The second one is the energy. Everyone is desperate for energy. Nobody wants to be the bad guy in kind of absorbing the data centers, using data centers to absorb energy from normal people, where they go into cities and they kind of pull off the grid and energy prices go higher. Everyone wants these two things. They want to be able to

physically manufacture things in a way that is cheap, easy, fast, efficient. They want to be able to have abundance of energy. If there's a company that has anything that slightly resembles a monopoly in either of these two categories, it's a huge win. And it's probably something to invest in because they're durable. On the chip stack, there's a lot of competition. There are a lot of people competing directly with Nvidia. We see it with Amazon and their training chips. We see it with Google and their TPUs. And there's a lot of other companies like Cerebris we mentioned last week, had their IPO and they have this brand new novel architecture. There's a lot of competition there that might flatten margins a little bit. Granted, they're still incredibly high, but there is a chance. Now, in terms of what to look for

moving forward, because these are a few things that I'm going to be interested in, kind of fact-checking Leopold, seeing if he's actually doing as well as he performs. And Vida has their earnings coming up pretty soon, May 28th. And if they guide above $78 billion for the next quarter, there's a pretty good chance those puts get crushed. They might not be doing too well. So we have these earnings reports that are coming towards the end of this month. We have AMD has an analyst day. In 2026, we have some pretty serious bloom energy deployment milestones that we're going to look into. Those are going to be kind of checkpoints that we could then cross-check against Leopold's portfolio to see if it is accurate. But I think thematically, the idea of energy and infrastructure

are two that are not going to go away. And when I'm investing and when I'm considering allocating my portfolio, those are the two categories that I'm probably most interested in. Well, I'm probably then want to do a little bit of a victory lap for us. Because about a week and a half ago, maybe two weeks, you know, I don't want to brag too much. We did an episode that broke down where some of the top AI investment trades might potentially be in the future. And we went down this infrastructure stack, right?

And we walked all the way from model labs flowing down to hypers and AI platforms, such as the Mac 7 that I mentioned earlier, as well as these GPU semiconductors. And the point that we made on this episode was that the money is going to flow from these GPUs and semiconductor trades. So like the likes of Nvidia, AMD, Borkom, these are all companies, which, by the way, he took out the massive shorts on all the way down into the memory and storage layer and the power and infrastructure layer. And these are the companies where, you know, overall, he's going pretty bullish on, right? He's expressing it through neocloud's data centers. He's expressing it through sandis and specific kind of like memory verticals and power infrastructure companies.

but the point is we potentially may have called this earlier on, and we're just following along at Limelus where these different constraints and bottlenecks are because it's very important to understand that AI isn't a one-to-one trade. You can certainly buy and hold a company such as Nvidia, and maybe you're better off over the next decade. I think directionally, that's probably going to be true, but you'd be remiss if you assume that it was just park your money in one sector

and you're good. The point is the money is flowing through this entire. AI is kind of like a car. You kind of like it ingests gasoline and like it uses it across all its entire infrastructure and then comes out the other end as exhaust fumes. We are currently, I don't know, two thirds of the way through this car, Josh, I don't know. We're making a way down the stack. We're making our way down the stack.

And I just want to point out that like this isn't just like a thesis that we have like pulled out of thin air. It's based on actual factual numbers. Like for example, memory prices are absolutely sky high right now. It's gone up on an average of three to five hundred. 100% across all the top memory manufacturers over the last nine months. And if you look at any of their capacity, they're booked out for the next year, actually until the end of 2027. So it's like a year and a half at this point. So these are very real numbers. Now, whether more supply will come out, whether more power generation kind of pops out of thin air, we don't know, but directionally,

the bet that his making is in line with our thesis that we have on the number. So that's pretty cool to see. And if you've been tuned in, yeah, you're up to date. You know all these things already. You're familiar with the AI stack. If you haven't seen this episode, we've released the last week. It performed really well. So I would highly recommend going to check it out. We're going to continue covering this, monitoring the situation. We had the Cerebrus IPO. We now have Leopold's new filings. There's a lot of new coverage to talk about. We have some funny memes as well. This one from Nick Carter that is using Leopold as a joke that says, I don't want to play with you anymore. He's kind of throwing away the AI industry because he's sick of them. And this is a good one.

The last thing Intel investors see before they panic sell. Poor guy, man, Intel Bulls, Intel Bulls, he turned on you. I'm an Intel ball. He turned on me. He made billions of dollars and then he slammed the cell button. He said, I'm done. I don't want you anymore. So we'll see. We'll be following it. I mean, over the next couple weeks in particular, as we see these earnings reports roll out, as we start to see the market reaction to this filing and the new narratives,

wind shift over to memory, over to infrastructure and energy, we'll just continue to monitor the situation. So thank you so much for joining. I think that's a wrap on the 13F. We kind of now are fully up to date. We know the new positions. We know what he pulls on. We know what he's bearish on.

What's the prompt for everyone? How should they kind of think about navigating this as they leave this episode and go sit there and stare at their portfolio and ponder what changes to be made? Do I need to react based on Leopold? So here's how I feel at the end of this episode, Josh. And here's what I'm going to prompt people to do. How I feel is I'm the biggest fan of Leopold. Don't get me wrong. I think he might have some stuff wrong here.

So what I want people to point out in the comments is, What part of Leopold's thesis do you disagree with? And let us know why you disagree with it. Because I think, like, I'm not going to speak on behalf of Josh, but I feel like a little unsettled, and I'm unsure whether Leopold knows what he's doing. In fact, I think, given his trading breakdown, I think he doesn't know what he's doing either.

He's playing it safe. So tell us what we're missing, and maybe Limelous will guess it or preempt it before it actually happens. If you had to pick one thing that he's missing or he gets wrong, do you have any top choice? Envidia. I was going to say the same thing. If Nvidia goes down, all your stocks go down, dude.

Like, that's the way I see it. So, yeah, Invideo. Yeah, 1.9 billion short on Nvidia seems a little suspect. I'm a little confused what's going on there, especially because those margins are high. Everyone needs Blackwell. We're just starting to get the early versions of those Blackwell models. And if you'll remember, the first one that came out of it was Mythos. Yes.

So clearly, there's like a tremendous amount of value stored up in the Nvidia infrastructure stack in the software. It is up only. It is the most valuable company in the world and to not continue to bet on the winners, seems like a losing strategy, but as always, we'll see. We'll check in. We will stay up to date and we will keep all of you updated in the loop every day as we follow this journey along the frontier of AI investing in all of the crazy technologies. So thank you all so much for watching. If you enjoyed this episode, don't forget to share with a friend. Don't forget to leave a comment on YouTube, perhaps give us a thumbs up and a five-star review on your favorite podcast player.

But with that, we're done. That's a wrap. You're now up to speed on Leopold. Do with this information what you will. Not financial investment advice at all. Yeah. All right. See you guys. All right. We'll see you guys in the next one.

Peace.