▶ 7:35 · $NVDA · Leopold Aschenbrenner says "No More Stocks!"

episode briefing

Leopold Aschenbrenner says "No More Stocks!"

2026-06-17 · 10 company · 6 thematic

sentiment

9 bull1 bear0 neu

speakers

Co-host of Limitless Podcast (episode 210), a 4x/week show covering the frontier of AI and technology with a newsletter reaching hundreds of thousands. The podcast recently spun out as an independent entity.

ejaaz

quote

“So, so listen, I think that Nvidia's not going anywhere. I think their products, their GPUs, and now the CPU line that they just opened up a few weeks ago is going to do overwhelmingly well. There is a surplus and exponential surplus of de…”

—josh kale

now playing · $NVDA

$NVDA···bearish· highjosh kale

Leopold Aschenbrenner shorts Nvidia via $9B puts: picks-and-shovels trade overcrowded

Leopold holds $9B in Nvidia puts because the semiconductor infrastructure trade is overcrowded; money is rotating to next bottlenecks like power, memory, and data center networkin…

$IRON-CLOUDbullish· highjosh kale

Iron is Leopold's largest neo cloud position, up 20% since 13F filing

Iron is a top neo cloud provider and Leopold's biggest position, up 20% since 13F filing, reflecting conviction in GPU cloud infrastructure as the next bottleneck.

$ANTHROPICbullish· highejaaz

Leopold's fund holds 20% in Anthropic at $965B valuation, 15x markup since March 2025

Leopold invested early in Anthropic at $60B valuation; stake now worth ~$7B, driving fund AUM to $20B, making it his favorite bet on AI models rather than infrastructure.

$SPCX···bullish· highjosh kale

SpaceX's $3T valuation driven by AI data center deals with Anthropic and Google, not rockets

SpaceX's revenue increasingly comes from AI infrastructure build-out (deals with Anthropic, Google), positioning it as a key physical infrastructure player for AI.

$ALAB···bullish· mediumejaaz

Astera Labs positioned for data center networking rotation as GPU clusters scale

As GPU clusters grow, copper interconnects hit thermal limits; Astera Labs provides optical connectivity solutions for next-gen data center networking.

$CRWV···bullish· highejaaz

CoreWeave remains Leopold's core neo cloud holding with levered bet via Core Scientific

CoreWeave is a leading neo cloud provider and Leopold's longest-held position; he also privately invested in Core Scientific to leverage CoreWeave's infrastructure build-out.

$CORZ···bullish· mediumejaaz

Leopold takes levered bet on CoreWeave via private investment in Core Scientific

Core Scientific provides infrastructure for CoreWeave, giving Leopold a levered position on the neo cloud build-out.

$BE···bullish· high· posjosh kale

Bloom Energy favored as long-term energy play hedged against AI demand uncertainty

Electricity demand will grow regardless of AI trajectory; Bloom Energy builds electricity throughput infrastructure making it a structural hedge.

$COHR···bullish· medium· posjosh kale

Coherent held by both Jensen Huang and Leopold Aschenbrenner; host owns position

Coherent sits at intersection of optical networking and power infrastructure, backed by both Nvidia's Jensen and Leopold's fund; host holds position.

$MRVL···bullish· high· posjosh kale

Josh copy trades Marvell at intersection of Jensen Huang and Leopold Aschenbrenner bets

Marvell sits at the intersection of optical networking and power infrastructure, backed by Nvidia's $1.5B investment and Jensen Huang's endorsement; Josh copies this trade noting…

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