Leopold Aschenbrenner expands to $13.67 billion and $7.46 billion puts

Leopold Aschenbrenner lifted his disclosed equity exposure to $13.67 billion by March 31 and paired that increase with $7.46 billion in put options against semiconductor companies and chip-linked exchange-traded funds. The former OpenAI researcher, known for warning that China could steal advanced AI models, also added bigger long bets on bitcoin miners and AI infrastructure names.

Aschenbrenner's March 31 filing

The latest 13F filing with the U.S. Securities and Exchange Commission shows his disclosed equity exposure rising from $5.5 billion at the end of 2025 to $13.67 billion by March 31. That filing places his portfolio squarely on two sides of the same trade: heavier exposure to the physical buildout around artificial intelligence, and a large bearish stance against chipmakers.

His long positions included IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, Bitdeer and Hive Digital. The filing also listed positions in Bloom Energy, SanDisk and CoreWeave.

VanEck and Nvidia puts

On the bearish side, Aschenbrenner opened $7.46 billion worth of put options against major semiconductor companies and chip-related exchange-traded funds. The largest single position was a $2.04 billion put against the VanEck Semiconductor ETF, followed by a $1.57 billion Nvidia put.

He also disclosed more than $1 billion in puts tied to Oracle and Broadcom. Those positions give the filing its sharpest contrast: the same investor adding billions to names tied to AI infrastructure while betting heavily against the semiconductor layer that supplies much of that buildout.

For readers tracking where a major AI-focused investor is placing capital, the filing is the update to watch. Aschenbrenner has moved beyond a $5.5 billion disclosed equity book and into a much larger, more directional posture, with the next signal likely to come from whether those long infrastructure bets or the semiconductor shorts change first.