New 13F Filings: Leopold's Ghost Portfolio and The Shifting AI Trade

Recent 13F filings reveal a massive capital shift toward AI infrastructure, despite high-profile liquidations like Leopold Aschenbrenner’s memory-heavy portfolio. While major investors have trimmed positions in companies like NVIDIA, they are doubling down on hyperscalers—specifically Google and Amazon—due to their proven ability to scale capital expenditure and generate significant returns. Beyond the hyperscalers, capital is flowing into the physical foundations of AI: high-bandwidth memory, power and energy solutions, and photonics-based data interconnects. These investments reflect a long-term conviction that AI demand will continue to outpace existing physical capacity through 2028. Meanwhile, divergent strategies emerge among top funds, with some betting on financial infrastructure rails like Visa and MasterCard, while others prioritize hardware providers like TSMC and SpaceX to secure the essential "picks and shovels" of the AI revolution.