Ex-OpenAI Researcher Bets on AI Infrastructure as Bitcoin Rigs Pivot to Data Centers

Former OpenAI researcher Leopold Aschenbrenner’s hedge fund Situational Awareness disclosed its public U.S. equity holdings in the SEC 13F filing for Q4 2025, revealing a strong preference for companies powering AI with electricity and infrastructure over those focused on developing large models. The data shows the fund’s U.S. stock exposure totals $5.52 billion across 29 public companies, but the core assets are highly concentrated in just a few AI compute infrastructure providers.

This strategy mirrors a deep structural shift in the Bitcoin mining industry. As block rewards shrink post-halving, large mining farms are reevaluating their asset value—high-energy, high-power-capacity sites are no longer just hash-rate production units but rather scarce compute resource carriers. Increasingly, mining companies are converting idle facilities into AI hosting centers, using existing power infrastructure to serve large language models and pivoting value from "hashrate" to "horsepower." Meanwhile, the fund is also shorting Indian IT giant Infosys, betting that traditional outsourced software services will fade as AI coding tools proliferate. This long-short approach highlights the fund’s deep insight into the AI-era infrastructure reset: the real winners may not be the companies launching chatbots, but the infrastructure providers who control energy and compute lifelines.