Transcription
The 25-year-old trader who turned $225 million into 5.5 billion in just one year is back. And what he bought will shock you.
Now, let's set the record straight. It's not 5.5 billion. It's now 13.7 billion. That's right.
Leopold Ashen Brener was fired from OpenAI for suggesting that the Chinese might copy their models. And as soon as he was jobless, he wrote 165-page manifesto about how the world will change with AI. And then he started a hedge fund to invest into exactly what he thought would happen. This is the Warren Buffett of our time, creating almost $14 billion of value in just a year and a half.
Now, his 13F form, which shows which trades he's made, just hit. What's shocking is that he has $7.5 billion of puts, effectively betting that chip stocks would start to decline. He's betting against Nvidia, Broadcom, AMD, Oracle, and ASML.
A lot of people think he's gone full Michael Bur bear mode, but the truth is that his long book is still intact. Bloom Energy, SanDisk, Coreweave, Iron, and now CleanSpark, which he added the majority of his longs to. He's not calling the top on AI. He's calling the top on chip multiples, and showing where the real bottleneck is yet to be priced. It's not GPUs, it's electrons.
Copying someone like Leopold is hard because there's months of lag in an extremely volatile climate between when we see his trades and when we can actually copy them. So, the real alpha here is not to steal his trades, but to steal his framework. Right now, Leopold is all in on energy and betting that the AI super cycle will