Milk Road AI@MilkRoadAI
Leopold Aschenbrenner, former OpenAI safety researcher, fired at 22, now running one of the best performing hedge funds on the planet.
He grew Situational Awareness LP from $225 million to $5.5 billion in roughly one year beating the S&P 500 by 47% in just his first six months.
And the core bet wasn't Nvidia or OpenAI, it was electricity.
Here's his actual mat and it's worth reading carefully (Save this).
GPT-4 trained on roughly 10 megawatts of compute, a100-megawatt cluster followed in 2024.
By 2026, the leading training cluster is approximately 1 gigawatt, the power of the Hoover Dam.
By 2028, 10 gigawatts more power than most U.S. states. And by 2030, a single training run could hit 100 gigawatts and consume over 20% of all US electricity production.
That's just the training cluster, Inference GPUs on top of that.
US power production has barely grown in a decade.
He turned that observation into his biggest position, Bloom Energy, a fuel cell company that generates power directly at data centers without touching the grid.
He accumulated the $875 million position through 2025 while shares were in the mid teens and that position is now worth nearly more than $2.2 billion.
The logic is that everyone is racing to build the most powerful models in history but those models require power that doesn't exist yet on the grid.
The companies that control where the electricity comes from, that's where the leverage is.
His fund now holds Bloom Energy, CoreWeave, Core Scientific, Lumentum, and a short on Infosys, the last one a bet that AI will gut traditional IT outsourcing.
We at Milk Road have been saying it for months, the picks and shovels play in this AI cycle isn't the chip companies, it's the infrastructure keeping them running.
Come join us so you can see our entire thesis. Link in bio!
