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Leopold Aschenbrenner sold every share of Nvidia and Broadcom last quarter. Took the money and bought fuel cells, Bitcoin miners, and power companies.

Today Oracle signed a 2.8 GW fuel cell deal with his largest holding. The stock jumped 15% after hours.

This is the most contrarian AI trade on Wall Street right now, and the math behind it is wild.

Leopold wrote a 165-page essay in 2024 arguing AGI arrives by 2027. Then he translated that prediction into a pure energy play.

His logic: scaling from GPT-4 to superintelligence requires data centers consuming more electricity than most American cities. You can order 100,000 GPUs and get delivery in six months. You cannot add 500 megawatts to the grid in six months. The binding constraint on who builds AGI first is watts per rack.

So while AI funds stacked Nvidia at 30x revenue, Leopold built the opposite portfolio. Bloom Energy, his largest position at 15% of the fund, makes solid oxide fuel cells that can power a data center in 55 days. Grid interconnection takes 2-3 years.

He entered 2026 with $876 million in Bloom Energy. That position has more than doubled. His fund went from $254 million in equity positions in Q4 2024 to $5.5 billion by Q4 2025. Beat the S&P by 47% in its first six months.

He's 24. Got fired from OpenAI two years ago. Zero prior fund management experience. The Collison brothers and Nat Friedman backed hi...