Case file · CIK 0002045724
AI infrastructure fund founded by Leopold Aschenbrenner, used as the first case file.
KOL-style case note
A former OpenAI researcher turned a first public 13F into one of the cleanest AI infrastructure stories in the market: AI needs power, optics, land, and compute before it needs another app layer.
The portfolio does not read like generic AI hype. It reads like a physical bottleneck map: power generation, data-center real estate, GPU rental capacity, optical networking, and strategic U.S. semiconductor optionality.
Bloom is the direct power thesis. If hyperscalers cannot wait for grid interconnects, on-site fuel cells become a way to bring AI capacity online faster. In this filing, Bloom is the flagship expression of the power-before-everything view.
CoreWeave is the compute rental line, and the filing shows both stock exposure and call-option exposure. That makes the bet more convex: if frontier labs keep renting GPU capacity, the disclosed portfolio benefits twice.
The Intel call position is the contrarian option. The thesis is less that Intel suddenly becomes flawless and more that U.S.-based foundry capacity could become strategically hard to ignore if Taiwan risk is repriced.
At million-GPU scale, the bottleneck shifts from chips to moving data between chips. Lumentum sits in the optical component layer that makes high-speed AI cluster networking possible.
Core Scientific, IREN, and Applied Digital are different versions of the same scarce-asset trade: cheap power, sites, and interconnect potential that can be redirected from crypto mining or greenfield campuses toward AI colocation.
The single story is not 'buy AI.' It is 'buy what AI physically requires to exist': electricity, cooling, fiber, photons, chips, and land. That is why this case file starts with holdings, then works backward into the manager's thesis.
Narrative layer only. The verifiable layer is the SEC 13F table below; market prices, revenue claims, and future outcomes should be checked separately.
Six-stock thesis memo
The first read is not 'AI software.' It is the scarce physical stack behind AI factories: lasers, optics, GPU cloud, powered land, colocation, and behind-the-meter electricity.
Core productEML lasers, optical circuit switch components, co-packaged-optics laser supply.
ThesisA direct play on the optical bottleneck inside AI factories.
Core product800G/1.6T transceivers, InP lasers, optical switching, CPO-enabling components.
ThesisA broader optics supplier: less pure than Lumentum, but hedged across multiple photonics architectures.
Core productGPU cloud for AI workloads across NVIDIA H100/B200 and next-generation clusters.
ThesisThe clean compute-capacity expression: frontier AI labs and hyperscalers rent the scarce GPU factory.
Core productHigh-density AI/HPC colocation capacity converted from Bitcoin-mining infrastructure.
ThesisA powered-land and interconnect thesis: old mining infrastructure becomes AI infrastructure if customers need power fast.
Core productAI data-center campuses leased under long-term capacity contracts.
ThesisA greenfield powered-campus bet: it monetizes scarce megawatts through long-duration hyperscaler leases.
Core productSolid oxide fuel cells for behind-the-meter data-center power.
ThesisThe power-first bet: on-site generation can move faster than traditional grid interconnect timelines.
Smart Money VelocityVelocity score blends 13F value growth, concentration, theme purity, option exposure, and filing history. It is a prioritization score, not a return.
Score blends filing growth, concentration, theme purity, call exposure, and filing history.
13F value
$5.5BQ4 2025, latest public filingGrowth since first filing
21.65x$254.8M → $5.5BReporting lag13F filings arrive after the quarter ends. The page shows a delayed public snapshot, not live positions.
45dQuarter-end snapshot, not live positionsThis is not actual fund performance. Returns and rankings use public disclosures after they become visible, not private NAV or live trading.
Disclosure workflow
Every number is anchored to a public quarterly filing. The report date is the portfolio snapshot; the filing date is when the market could actually see it.
Public holdings
| Holding | Theme | Type | Value | % |
|---|---|---|---|---|
| BLOOM ENERGY CORPBE · 10,076,022 shares | Power | SH | $875.5M | 15.9% |
| COREWEAVE INCCRWV · 10,814,500 underlying shares | Compute | CALL | $774.4M | 14.0% |
| INTEL CORPINTC · 20,237,400 underlying shares | Semis | CALL | $746.8M | 13.5% |
| LUMENTUM HLDGS INCLITE · 1,298,400 shares | Optics | SH | $478.6M | 8.7% |
| COREWEAVE INCCRWV · 6,098,812 shares | Compute | SH | $436.7M | 7.9% |
| CORE SCIENTIFIC INC NEWCORZ · 28,756,478 shares | DC Bitcoin | SH | $418.7M | 7.6% |
| IREN LIMITEDIREN · 8,700,621 shares | DC Bitcoin | SH | $328.6M | 6.0% |
| APPLIED DIGITAL CORPAPLD · 11,339,060 shares | Compute | SH | $278M | 5.0% |
| SANDISK CORPSNDK · 1,054,200 shares | Semis | SH | $250.2M | 4.5% |
| CIPHER MINING INCCIFR · 10,469,093 shares | DC Bitcoin | SH | $154.5M | 2.8% |
| EQT CORPEQT · 2,482,225 shares | Power | SH | $133M | 2.4% |
| COHERENT CORPCOHR · 480,300 shares | Optics | SH | $88.6M | 1.6% |
| SOLARIS ENERGY INFRAS INCSEI · 1,866,500 shares | Power | SH | $85.8M | 1.6% |
| TOWER SEMICONDUCTOR LTDTSEM · 723,004 shares | Semis | SH | $84.9M | 1.5% |
| RIOT PLATFORMS INCRIOT · 6,167,700 shares | DC Bitcoin | SH | $78.1M | 1.4% |
| KILROY RLTY CORPKRC · 1,327,700 shares | Compute | SH | $49.6M | 0.90% |
| HUT 8 CORPHUT · 860,200 shares | DC Bitcoin | SH | $39.5M | 0.72% |
| EQT CORPEQT · 700,000 underlying shares | Power | CALL | $37.5M | 0.68% |
| BLOOM ENERGY CORPBE · 408,500 underlying shares | Power | CALL | $35.5M | 0.64% |
| WHITEFIBER INCWYFI · 1,757,600 shares | Compute | SH | $27.8M | 0.50% |
| POWER SOLUTIONS INTL INCPSIX · 432,300 shares | Power | SH | $24.7M | 0.45% |
| BITDEER TECHNOLOGIES GROUPBTDR · 1,788,000 shares | DC Bitcoin | SH | $20M | 0.36% |
| CLEANSPARK INCCLSK · 1,640,400 shares | DC Bitcoin | SH | $16.6M | 0.30% |
| BITFARMS LTDBITF · 6,897,100 shares | DC Bitcoin | SH | $16.2M | 0.29% |
| LIBERTY ENERGY INCLBRT · 567,200 shares | Power | SH | $10.5M | 0.19% |
| INFOSYS LTDINFY · 500,000 underlying shares | Hedge | PUT | $8.9M | 0.16% |
| PROPETRO HLDG CORPPUMP · 910,300 shares | Power | SH | $8.7M | 0.16% |
| BABCOCK & WILCOX ENTERPRISESBW · 1,353,900 shares | Power | SH | $8.6M | 0.16% |
| INTEL CORPINTC · 1 shares | Semis | SH | $37 | 0.00% |
Quarter tape
Signal breakdown
13F value is 21.65x the first tracked filing.
Top ten public lines are 86.0% of the latest report.
29 reportable lines in the latest public filing.
5 tracked quarterly 13F reports in the database or seed layer.
Publisher mode
Evidence layer
13F reports disclose long reportable U.S. securities and long put/call options. They do not show cash, private stakes, shorts, written options, or current live holdings.
Theme tags are deterministic product analysis from issuer, CUSIP, option type, and keyword rules. They are not SEC labels.
Vercel Cron calls the EDGAR ingestion endpoint every day and records per-manager ingestion results.
