▶ 1:55 · $MU · Every Top Investor is Making the Same AI Trade

episode briefing

Every Top Investor is Making the Same AI Trade

2026-08-18 · 27 company · 26 thematic

sentiment

20 bull0 bear7 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

“He was very much memory pilled. I think the tough thing about this is like directionally I think he was correct. He just got totally liquidated. But Sandis position was 28.5% of the book. He had Micron at 28% of the book. And then I mean t…”

—josh kale

now playing · $MU

$MU···bullish· mediumjosh kale

Micron remains core memory holding despite Leopold blowup; supply sold out through 2025

Micron was Leopold's second-largest position (28% of book) and remains a key memory play; the hosts argue the memory thesis is intact — all 2025 supply is sold out and physical co…

$CRWV···bullish· mediumejaaz

CoreWeave appears in Leopold, Nvidia, and Gerstner/Baker portfolios as leading Neocloud

CoreWeave is a recurring holding across AI-focused portfolios (Leopold, Nvidia corporate, Gerstner/Baker) as the premier GPU cloud provider benefiting from insatiable compute dema…

$BE···neutral· lowjosh kale

Bloom Energy was 9.5% of Leopold's fund; fuel cells for data center power

Bloom Energy appeared as a 9.5% position in Leopold Aschenbrenner's portfolio (before liquidation) as a play on solid-oxide fuel cells for data center power; the hosts note it as…

$ANTHROPICneutral· lowjosh kale

Anthropic stake remains Leopold's largest asset post-liquidation; Amazon holds strategic stake

Leopold's fund was liquidated but majority of remaining equity value lies in Anthropic stake; Amazon's investment provides exposure to frontier model development alongside AWS and…

$SNDK···bullish· highejaaz

SanDisk invents high-bandwidth flash for inference; orders backlogged to 2027

SanDisk has created a new memory category — high-bandwidth flash — purpose-built for AI inference, which is now consuming massive hyperscaler capex; demand is so extreme that orde…

$GOOGL···bullish· highejaaz

Berkshire adds $17B to Alphabet on full-stack AI ownership thesis

Alphabet is the only company owning the entire AI stack — models, custom TPUs/Ironwood chips, distribution (Search, Android, Gmail), infrastructure and power — enabling hyper-spec…

$NVDA···bullish· highjosh kale

Gavin Baker's largest holding at $1.9B; Nvidia's own 13F reveals $30B Intel stake for CPU orchestration

Gavin Baker holds Nvidia as #1 position ($1.9B); Nvidia's corporate portfolio shows $30B Intel stake to secure CPU supply for orchestrating massive GPU clusters, plus SpaceX, Core…

$CBRS···bullish· mediumjosh kale

Cerebras held by both Gerstner ($1.6B) and Baker as Nvidia alternative for AI training

Cerebras appears as the #2 holding for Brad Gerstner ($1.6B) and in Gavin Baker's portfolio — signaling top AI investors see wafer-scale engines as a viable alternative to Nvidia…

$CRWV···bullish· mediumjosh kale

CoreWeave appears across Neocloud allocations in Gerstner, Baker, and Nvidia portfolios

CoreWeave features in Brad Gerstner's, Gavin Baker's, and Nvidia's own portfolios as a key Neocloud provider, reflecting consensus on GPU cloud infrastructure as critical AI layer.

$SPCX···bullish· highjosh kale

Gavin Baker's $4.7B SpaceX position is his biggest win; Nvidia also holds for orbital AI data centers

SpaceX appears in both Gavin Baker's portfolio ($4.7B, his largest winner) and Nvidia's 13F — the thesis: SpaceX will exclusively buy Nvidia GPUs for orbital AI data centers, Star…

$CRDO···bullish· mediumjosh kale

Credo in Gavin Baker portfolio for high-speed interconnects as optical networking scales

Credo provides high-speed interconnect solutions for data centers; part of the photonics/optics theme Gavin Baker has concentrated in as GPU clusters require light-based data tran…

$COHR···bullish· highejaaz

Gavin Baker's optics bet: Coherent up 85% YTD on photonics for GPU interconnects

Gavin Baker identified early the 'power and optics trade' — as GPU clusters scale to millions, copper interconnects become power-inefficient; photonics (light-based data transfer)…

$ALAB···bullish· mediumjosh kale

Astera Labs in Gavin Baker's portfolio: GPU interconnect 'plumbing' for massive clusters

Astera Labs provides the interconnect 'plumbing' — retimers, AECs, and PCIe/CXL solutions — that enable high-speed data transfer across hundreds of thousands of GPUs; Gavin Baker…

$ASTERA···bullish· mediumejaaz

Astera Labs key interconnect play for GPU clusters — held by Gavin Baker and Nvidia

Astera Labs provides the interconnect 'plumbing' enabling high-speed data transfer across massive GPU clusters; held by both Gavin Baker and Nvidia as a critical infrastructure la…

$CRWV···bullish· mediumejaaz

CoreWeave in Gerstner and Nvidia portfolios: leading neocloud for GPU compute

CoreWeave appears in both Brad Gerstner's and Nvidia's 13Fs as a key neocloud provider — Nvidia invests in neoclouds that then buy Nvidia GPUs, creating a circular revenue flywhee…

$NVDA···bullish· highjosh kale

Nvidia's own 13F reveals $30B Intel stake for CPU orchestration + SpaceX + CoreWeave + optics

Nvidia's portfolio shows Jensen Huang betting on the full infrastructure stack: Intel CPUs to orchestrate hundreds of thousands of GPUs, SpaceX for data centers, CoreWeave/Neoclou…

$INTC···bullish· mediumejaaz

Nvidia's $30B Intel stake: CPUs essential to orchestrate GPU fleets for AI agents

Nvidia's largest 13F holding is $30B in Intel (5% stake alongside US govt) because bleeding-edge CPUs are required to orchestrate hundreds of thousands of GPUs — ensuring AI agent…

$NFLX···neutral· lowejaaz

Bill Ackman adds Netflix alongside payment rails — unclear AI thesis

Netflix appears in Ackman's new positions alongside Visa/Mastercard/S&P Global; hosts find it 'bizarre' and don't articulate a clear AI-related thesis for the holding.

$MA···neutral· mediumjosh kale

Bill Ackman adds Mastercard alongside Visa as AI agent payment infrastructure bet

Part of Ackman's payments cluster thesis — traditional financial rails may become the distribution layer for AI agent inference payments, though disruption risk from Stripe/Ramp e…

$V···neutral· lowjosh kale

Ackman buys Visa/Mastercard but hosts debate thesis: AI agents may bypass card rails via Stripe/OpenRouter

Bill Ackman's new positions in Visa, Mastercard, S&P Global, and Netflix puzzle the hosts — they argue AI agents need native payment infrastructure (Stripe just acquired OpenRoute…

$AMZN···bullish· highjosh kale

Consensus #1 pick across Tiger, Tepper, Klarman: AWS + Anthropic + Trainium triple play

Amazon emerges as the most widely held AI exposure among top funds (Tiger Global, David Tepper, Seth Klarman) via AWS's proven revenue/margin expansion, a stealth Anthropic stake,…

$STRIPEbullish· mediumejaaz

Stripe acquires OpenRouter to own AI agent payment infrastructure layer

Stripe's acquisition of OpenRouter positions it as the payment layer for AI agents — converting tokens to intelligence to revenue; combined with Ramp building its own router, this…

$AMZN···bullish· highjosh kale

Amazon emerges as consensus #1 AI pick with AWS, Anthropic, and Trainium chips

Multiple top investors (Tiger Global, David Tepper, Seth Klarman, Sam Clara) hold Amazon as largest position; Andy Jassy's $200B AI capex drives expanding AWS margins, while Anthr…

$TSM···bullish· highjosh kale

TSMC consensus pick across funds: the indispensable 'picks and shovels' chip foundry

TSMC appears in nearly every major 13F (Berkshire, Gerstner, Baker, Tepper, etc.) as the sole manufacturer of advanced AI chips for Nvidia, AMD, Apple, and custom silicon — making…

$MU···bullish· highjosh kale

Micron remains core memory play despite Leopold blowup; supply sold out through 2028

Memory demand is constrained by physical atoms — fabs and chip supply cannot meet AI demand through 2028; all available memory supply for next year is completely sold out, validat…

$NVDA···neutral· mediumejaaz

Nvidia absent from most 13Fs except Gavin Baker; Jensen's own 13F reveals $30B Intel bet for CPU orchestration

Nvidia is strangely missing from most major 13Fs (only Gavin Baker holds it as top position), yet Jensen Huang's personal 13F shows a $30B stake in Intel — revealing that CPUs are…

$AAPL···neutral· mediumejaaz

Berkshire's largest holding remains Apple despite AI pivot; world's most valuable company

Berkshire hasn't sold Apple despite AI rotation; remains largest holding and world's most valuable company, showing Buffett/Abel conviction in durable franchise amid AI hype cycle.

←

▶ 1:55 · $MU · Every Top Investor is Making the Same AI Trade

episode briefing

Limitless Podcast

Every Top Investor is Making the Same AI Trade

2026-08-18 · 27 company · 26 thematic

sentiment

20 bull0 bear7 neu

speakers

josh kale

ejaaz

quote

“He was very much memory pilled. I think the tough thing about this is like directionally I think he was correct. He just got totally liquidated. But Sandis position was 28.5% of the book. He had Micron at 28% of the book. And then I mean t…”

—josh kale

now playing · $MU

$MU···bullish· mediumjosh kale

Micron remains core memory holding despite Leopold blowup; supply sold out through 2025

Micron was Leopold's second-largest position (28% of book) and remains a key memory play; the hosts argue the memory thesis is intact — all 2025 supply is sold out and physical co…

$CRWV···bullish· mediumejaaz

CoreWeave appears in Leopold, Nvidia, and Gerstner/Baker portfolios as leading Neocloud

CoreWeave is a recurring holding across AI-focused portfolios (Leopold, Nvidia corporate, Gerstner/Baker) as the premier GPU cloud provider benefiting from insatiable compute dema…

$BE···neutral· lowjosh kale

Bloom Energy was 9.5% of Leopold's fund; fuel cells for data center power

Bloom Energy appeared as a 9.5% position in Leopold Aschenbrenner's portfolio (before liquidation) as a play on solid-oxide fuel cells for data center power; the hosts note it as…

$ANTHROPICneutral· lowjosh kale

Anthropic stake remains Leopold's largest asset post-liquidation; Amazon holds strategic stake

Leopold's fund was liquidated but majority of remaining equity value lies in Anthropic stake; Amazon's investment provides exposure to frontier model development alongside AWS and…

$SNDK···bullish· highejaaz

SanDisk invents high-bandwidth flash for inference; orders backlogged to 2027

SanDisk has created a new memory category — high-bandwidth flash — purpose-built for AI inference, which is now consuming massive hyperscaler capex; demand is so extreme that orde…

$GOOGL···bullish· highejaaz

Berkshire adds $17B to Alphabet on full-stack AI ownership thesis

Alphabet is the only company owning the entire AI stack — models, custom TPUs/Ironwood chips, distribution (Search, Android, Gmail), infrastructure and power — enabling hyper-spec…

$NVDA···bullish· highjosh kale

Gavin Baker's largest holding at $1.9B; Nvidia's own 13F reveals $30B Intel stake for CPU orchestration

Gavin Baker holds Nvidia as #1 position ($1.9B); Nvidia's corporate portfolio shows $30B Intel stake to secure CPU supply for orchestrating massive GPU clusters, plus SpaceX, Core…

$CBRS···bullish· mediumjosh kale

Cerebras held by both Gerstner ($1.6B) and Baker as Nvidia alternative for AI training

Cerebras appears as the #2 holding for Brad Gerstner ($1.6B) and in Gavin Baker's portfolio — signaling top AI investors see wafer-scale engines as a viable alternative to Nvidia…

$CRWV···bullish· mediumjosh kale

CoreWeave appears across Neocloud allocations in Gerstner, Baker, and Nvidia portfolios

CoreWeave features in Brad Gerstner's, Gavin Baker's, and Nvidia's own portfolios as a key Neocloud provider, reflecting consensus on GPU cloud infrastructure as critical AI layer.

$SPCX···bullish· highjosh kale

Gavin Baker's $4.7B SpaceX position is his biggest win; Nvidia also holds for orbital AI data centers

SpaceX appears in both Gavin Baker's portfolio ($4.7B, his largest winner) and Nvidia's 13F — the thesis: SpaceX will exclusively buy Nvidia GPUs for orbital AI data centers, Star…

$CRDO···bullish· mediumjosh kale

Credo in Gavin Baker portfolio for high-speed interconnects as optical networking scales

Credo provides high-speed interconnect solutions for data centers; part of the photonics/optics theme Gavin Baker has concentrated in as GPU clusters require light-based data tran…

$COHR···bullish· highejaaz

Gavin Baker's optics bet: Coherent up 85% YTD on photonics for GPU interconnects

Gavin Baker identified early the 'power and optics trade' — as GPU clusters scale to millions, copper interconnects become power-inefficient; photonics (light-based data transfer)…

$ALAB···bullish· mediumjosh kale

Astera Labs in Gavin Baker's portfolio: GPU interconnect 'plumbing' for massive clusters

Astera Labs provides the interconnect 'plumbing' — retimers, AECs, and PCIe/CXL solutions — that enable high-speed data transfer across hundreds of thousands of GPUs; Gavin Baker…

$ASTERA···bullish· mediumejaaz

Astera Labs key interconnect play for GPU clusters — held by Gavin Baker and Nvidia

Astera Labs provides the interconnect 'plumbing' enabling high-speed data transfer across massive GPU clusters; held by both Gavin Baker and Nvidia as a critical infrastructure la…

$CRWV···bullish· mediumejaaz

CoreWeave in Gerstner and Nvidia portfolios: leading neocloud for GPU compute

CoreWeave appears in both Brad Gerstner's and Nvidia's 13Fs as a key neocloud provider — Nvidia invests in neoclouds that then buy Nvidia GPUs, creating a circular revenue flywhee…

$NVDA···bullish· highjosh kale

Nvidia's own 13F reveals $30B Intel stake for CPU orchestration + SpaceX + CoreWeave + optics

Nvidia's portfolio shows Jensen Huang betting on the full infrastructure stack: Intel CPUs to orchestrate hundreds of thousands of GPUs, SpaceX for data centers, CoreWeave/Neoclou…

$INTC···bullish· mediumejaaz

Nvidia's $30B Intel stake: CPUs essential to orchestrate GPU fleets for AI agents

Nvidia's largest 13F holding is $30B in Intel (5% stake alongside US govt) because bleeding-edge CPUs are required to orchestrate hundreds of thousands of GPUs — ensuring AI agent…

$NFLX···neutral· lowejaaz

Bill Ackman adds Netflix alongside payment rails — unclear AI thesis

Netflix appears in Ackman's new positions alongside Visa/Mastercard/S&P Global; hosts find it 'bizarre' and don't articulate a clear AI-related thesis for the holding.

$MA···neutral· mediumjosh kale

Bill Ackman adds Mastercard alongside Visa as AI agent payment infrastructure bet

Part of Ackman's payments cluster thesis — traditional financial rails may become the distribution layer for AI agent inference payments, though disruption risk from Stripe/Ramp e…

$V···neutral· lowjosh kale

Ackman buys Visa/Mastercard but hosts debate thesis: AI agents may bypass card rails via Stripe/OpenRouter

Bill Ackman's new positions in Visa, Mastercard, S&P Global, and Netflix puzzle the hosts — they argue AI agents need native payment infrastructure (Stripe just acquired OpenRoute…

$AMZN···bullish· highjosh kale

Consensus #1 pick across Tiger, Tepper, Klarman: AWS + Anthropic + Trainium triple play

Amazon emerges as the most widely held AI exposure among top funds (Tiger Global, David Tepper, Seth Klarman) via AWS's proven revenue/margin expansion, a stealth Anthropic stake,…

$STRIPEbullish· mediumejaaz

Stripe acquires OpenRouter to own AI agent payment infrastructure layer

Stripe's acquisition of OpenRouter positions it as the payment layer for AI agents — converting tokens to intelligence to revenue; combined with Ramp building its own router, this…

$AMZN···bullish· highjosh kale

Amazon emerges as consensus #1 AI pick with AWS, Anthropic, and Trainium chips

Multiple top investors (Tiger Global, David Tepper, Seth Klarman, Sam Clara) hold Amazon as largest position; Andy Jassy's $200B AI capex drives expanding AWS margins, while Anthr…

$TSM···bullish· highjosh kale

TSMC consensus pick across funds: the indispensable 'picks and shovels' chip foundry

TSMC appears in nearly every major 13F (Berkshire, Gerstner, Baker, Tepper, etc.) as the sole manufacturer of advanced AI chips for Nvidia, AMD, Apple, and custom silicon — making…

$MU···bullish· highjosh kale

Micron remains core memory play despite Leopold blowup; supply sold out through 2028

Memory demand is constrained by physical atoms — fabs and chip supply cannot meet AI demand through 2028; all available memory supply for next year is completely sold out, validat…

$NVDA···neutral· mediumejaaz

Nvidia absent from most 13Fs except Gavin Baker; Jensen's own 13F reveals $30B Intel bet for CPU orchestration

Nvidia is strangely missing from most major 13Fs (only Gavin Baker holds it as top position), yet Jensen Huang's personal 13F shows a $30B stake in Intel — revealing that CPUs are…

$AAPL···neutral· mediumejaaz

Berkshire's largest holding remains Apple despite AI pivot; world's most valuable company

Berkshire hasn't sold Apple despite AI rotation; remains largest holding and world's most valuable company, showing Buffett/Abel conviction in durable franchise amid AI hype cycle.