HoldingsIntel

two problems with this. 1) "$225M → $5.5B" is mostly inflows, not returns. his AUM grew because new investors handed him money every quarter: Q4 2024: $254M Q1 2025: $1.0B Q2 2025: $2.1B Q3 2025: $4.1B Q4 2025: $5.5B a manager doesn't 22x stocks. he 22x'd his subscription book. 2) SNDK/BE/LITE % are the stocks' 12-month prints. his actual cost-basis P&L: $SNDK +210% (not +3,200%) $BE +55% (not +1,500%) $LITE +123% (not +1,400%) solid. not godly. his Q1 13F is due Friday. expect to see trims on the names he's being credited for, and a sizable hedge book.

THIS FRIDAY, Leopold Aschenbrenner’s latest trades go public. He turned $225M into $5.5B in 12 months. SNDK – up 3,200% BE – up 1,500% LITE – up 1,400% We will be breaking down every trade RIGHT HERE. Follow us with notifications before it’s too late.

y'all reading the wrong column. those % are the STOCKS' returns. not his. his actual cost-basis P&L: $BE +55% (not +1,422%) $LITE +123% (not +1,331%) $SNDK +210% (not +3,130%) $IREN +92% (not +583%) $APLD +61% (not +629%) $INTC calls +35% (not +365%) $CORZ +9% (not +135%) $CIFR -12% (not +449%) $CRWV calls -23% (not +166%) two losers in the book. solid, not legendary. his Q1 13F is due Thursday 👀

Breaking: OpenAI fired Leopold Aschenbrenner at 22. Three years later, he manages $5.5 billion His next 13F files this Friday and the new trades will be posted here Leopold is quickly becoming one of the best AI investors out there And it started when he got fired from OpenAI in April 2024 for a leaked memo on AI safety Instead of moving on, he spent 6 months writing a 165-page document predicting AGI arrives by 2027 Then he launched Situational Awareness LP. Backed by the founders of Stripe and the former CEO of GitHub Here's what he bought: • Bloom Energy (BE): powers AI data centers. Up ~1,420% • Lumentum (LITE): optical components connecting AI chips at scale. Up ~1,335% • SanDisk (SNDK): storage layer for AI workloads. Up ~3,130% • CoreWeave (CRWV): GPU cloud for AI training and inference. Up ~166% • Iris Energy (IREN): AI-focused compute infrastructure. Up ~585% Every AI model that gets built needs power, somewhere to store data, and compute to run on. He bought all three before anyone else was paying attention

y'all reading the wrong column. those % are the STOCKS' returns. not his. his actual cost-basis P&L: $BE +55% (not +1,422%) $LITE +123% (not +1,331%) $SNDK +210% (not +3,130%) $IREN +92% (not +583%) $APLD +61% (not +629%) $INTC calls +35% (not +365%) $CORZ +9% (not +135%) $CIFR -12% (not +449%) $CRWV calls -23% (not +166%) two losers in the book. solid. not legendary. his next 13F drops next week 👀

BREAKING: Leopold Aschenbrenner reveals his new trades in ONE WEEK his last portfolio was disgusting: > BE +1422% > LITE +1330% > SNDK + 3130% 25 years old and somehow outperforming every Wall Street legend I’ll post the next trades when they drop might want notifications on 👀

One last quirk almost nobody talks about. Anthropic isn't controlled by its biggest shareholders. It's governed by the Long-Term Benefit Trust. Five financially disinterested trustees hold special Class T stock that lets them elect a majority of the board. Buying equity doesn't buy control. So if you want Anthropic exposure today, your only liquid options are AMZN and $GOOGL. Same shape as OpenAI exposure via Microsoft ( $MSFT ). Hedge funds figured this out a year ago. They've been increasing both positions every quarterly 13F since. The "private AI you can't access" story is mostly marketing.

Then there's the FTX ghost. Sam Bankman-Fried's Alameda paid $500M for an 8% stake in 2021. When FTX collapsed, the bankruptcy estate sold it in 2024 for $1.3B. Buyers: Mubadala (UAE), Jane Street, Fidelity, Ford Foundation. At today's $380B valuation, that 8% would be worth ~$30B. Possibly the worst "sold too early" trade in history.

Anthropic just hit a $380B valuation. You can't buy the stock. But two public companies dominate the cap table: • Amazon ($AMZN): $8B in. Just committed up to $25B more. • Google ($GOOGL): $3B+ for a ~14% stake. Just committed up to $40B more. Fortune reported last month that half of last quarter's blowout AI profits at $AMZN and $GOOGL came from Anthropic paper gains. Not from their actual businesses.

🚨 BREAKING 🚨 Bill Ackman, the activist who bets his fund on fewer than 10 names, just filed showing he owns nearly half of Howard Hughes Holdings - 46.7% are his - $1,730,000,000 at today's $61.97 Shareholders blocked his merger proposal here in 2021. He bought 27.9 million more shares instead. At 46.7%, he's 3.3% from a controlling majority. Watch the next 13F Pershing Square filing on $HHH.

Watch the next Form 4. If anyone at OKLO ever buys a share at any price, that's news. Until then, the people who built the company are voting with their accounts. The cap table is the thesis. Everything else is noise.

And he's not alone. Past twelve months at $OKLO : 35 insider sales. 0 insider buys. $98 million dumped. Officers, directors. Seven different people. None of them buying a single share, ever, at any price. The cap table has been a one-way door.

$OKLO founder has been quietly leaving the building.Jacob DeWitte's personal stake: 18.2% → 16.2% → 12.2% in twelve months. 4.2 million shares of his own company, gone.The retail crowd was buying at $60. He was on the other side.

BREAKING: Elon R. Musk just disclosed a 20.3% stake in $TSLA (Tesla,). Filed as SCHEDULE 13G/A.

BREAKING: THE GOLDMAN SACHS GROUP, INC. just disclosed a 5.1% stake in $PD (Pagerduty,). Filed as SCHEDULE 13G.

BREAKING: MMMK Development, Inc. just disclosed a 42.2% stake in $RVLV (Revolve Group,). Filed as SCHEDULE 13G/A.

@readswithravi Poor Charlie's Almanack. The single most useful question I ever learned: not "how do I succeed?" but "what would guarantee failure?" Then avoid those things. Read it twice. Everyone should.

A book that changed your life:

When 9 frameworks converge, pay attention. But I want YOUR take. Which of these do you own or plan to buy? 🔄 $CWCO or $ERO (the consensus picks) ❤️ $AEHR or $MRCY (the contrarian picks) 💬 None - reply with your own pick I missed Not financial advice. But convergence is a signal.

The complete ranking by growth multiple potential: $CWCO - Water desalination - 5-10x $ERO - Copper mining - 4-6x $AEHR - AI chip testing - 5-10x $MRCY - Defense electronics - 3-5x $PPTA - US antimony (critical minerals) - 4-10x $POWL - Grid switchgear - 3-5x $TWST - Synbio platform - 3-14x (long hold) $SBS - Brazil water (EM version of $CWCO) - 3-5x Save this.

I ran a 9-expert simulated debate across 5 rounds to find the most undervalued stocks in the fastest-growing sectors using Value purist vs mining specialist vs EM contrarian vs behavioral economist vs 5 others. Each expert started with a different #1 pick. Then something I didn't expect happened. What do you think they converged on? 🧵

My pick: $ERO. Cheapest multiple + fastest growth + smallest market cap = biggest % upside when copper breaks $12K. But I could be wrong about the order. Which one are YOU buying first? Reply with your pick 👇 (Bookmark this for when copper hits $15K)

The 5 copper miners everyone should be watching: $ERO - 6x EBITDA, 40% production growth (Brazil) $IVN - 12x, highest-grade deposit on Earth (DRC) $CS - 8x, diversified (US/Chile/Mexico) $FCX - 10x, largest public miner (safest) $SCCO - 9x, 60-year reserve life (Peru/Mexico) Only ONE of these re-rates first.

Copper is heading for a 10 million tonne supply deficit by 2040. Yet the cheapest producer trades at HALF the sector multiple while AI data centers consume 50,000 tonnes each. Which copper miner re-rates first when reality hits? 🧵