Do you want to know which AI stocks

could be the next Nvidia before Wall

Street figures it out? Well, today we're

going to look at a portfolio of a

24year-old investor named Leopald Ashen

Brener, who is in charge of investing in

AI Frontier emerging technology ideas.

Now, he turned $1 billion into over $4.5

billion by betting on artificial

intelligence. What's shocking is that

he's no longer buying many of the AI

stocks investors are chasing today. He

has shifted his focus to the major

constraint that investors haven't really

invested in just yet as energy and

infrastructure. His fund is called

situational awareness. Situational

awareness is aggressively long the

physical infrastructure layer of AI data

center buildouts. Specifically, Ashen

Burner's portfolio includes meaningful

positions in competing neocloud

companies later mentioned. Before

launching his fund, he worked at FTX

during the Sam Bankman Freed era and he

later joined Open AI where he became

wellknown for his views on AGI and AI

acceleration. He's also engaged to the

chief of staff anthropic CEO Dario Amodi

which means that he's connected to some

of the most influential people building

frontier emerging technology right now.

Now, I'm not saying he's like Nancy

Pelosi, but I'm also not saying his

returns are normal, if you know what I

mean. This guy is almost a decade

younger than me and he's on a

generational money run. Clearly, he is

doing something different from everybody

else on Wall Street. So, I looked into

his 13F filing on all his positions and

I want to share with you my findings

today. Some of these stocks I have

already caught on to myself before doing

the digging and other stocks really

shocked me. Here's the value of his 13F

filing from Q4 2024 when he was just 23

years old. Leopald Ashenberger's public

portfolio shows his disclosed portfolio

exploding from roughly 255 million at

the end of 2024 to nearly 14 billion by

the first quarter of 2026. That means

the disclosed portfolio grew

approximately four times from Q4 2024 to

Q1 2025. then 2.1 times from Q1 2025 to

Q2 1.95 times the next quarter 1.33

times the next quarter and pretty much

in the last quarter up to Q1 2026 2.48

times overall $255 million to 13.6

plus billion in 15 months. I would not

say that's anywhere near normal. So

what's going on here and what does Leo

Paul know that most investors do not

know? More recent reports indicate that

the fund is essentially up over a,000%

since inception and approximately 270%

in 2026 alone a year to date making it

one of the most successful AI focused

funds in the entire world. The fact that

AI right now is a very competitive

market means that the competition is

stiff. He's done a major recent pivot

but it's essentially following his

methodology which he listed in his

165page thesis called situational

awareness same as the fund's name. Now,

my description has a report of his

stocks and a summary that I condense

into a short PDF that you can download

on his holdings and my personal opinion

on it. You can also Google it or just

download my free guide, which also

includes which stocks I believe are the

best holds amongst his picks for the

next 12 months. Now, let's get into

Leopold's five biggest positions

according to his latest 13F filing,

because this is where the real sauce is.

This is where his thesis really comes

alive and we get to learn about what his

thought process is in which stocks may

likely be tomorrow's winners. And also

this can teach us something about making

some money and making some gold. And you

guys already know that I'm a gold

digger, right? So I'm trying to look for

next best opportunity. So look, the

first stock is Nebius, ticker symbol

NBIS. Leopold's biggest position is

Nebius. And what's really surprising

here is Leopold's fund disclosed

ownership of 12.41 41 million Nebia

shares representing roughly 5.6%

not of his portfolio of the company 5.6%

of the company. The stake is worth

approximately $2.5 to $2.8 billion

depending on Nebius because it's a very

volatile stock and this also does make

up his largest position and significant

portion of his entire portfolio. Now

this position was disclosed through a

separate schedule not the 13F. It was

actually reported on 13G filing and this

was not visible in his Q120613F

suggesting that it was built after March

31st. Now, here's why this is a big

deal. A13F is filed quarterly by

investment managers with over $100

million under management. It shows long

positions and it also shows certain

option positions and holdings as of the

last day of the quarter. The last day of

the quarter would be March 31st. But for

Nebius, this is very different. This

report only comes out 45 days after the

quarter end. A 13G is different. A 13G

is filed when an investor acquires more

than 5% ownership of a public company.

You see what's going on here is a 13G,

it is designed to notify the market that

someone now owns a meaningful piece of

the business. So Mr. Ashen Brener's fund

crossed the 5% ownership threshold in

Nebus. Yeah, crazy. This 24 year old guy

has over 5% of the entire company,

Nebius, a company that's worth almost

$70 billion and fluctuating wildly

between 65 to 75 billion. That is a very

large position. So, he's betting very

heavy on this company. And I'm actually

not surprised that this is his top pick.

You guys know that I've talked about the

stock multiple times before in my

Discord community. In fact, I first made

a public video when Nebius hit $90 per

share and I said that this stock is

going to be one of my favorite stocks

over the next 1 to 3 years. I was early

on the trade and I understand why

Leopold is betting so hard on it. Every

AI company on Earth has literally the

same problem. What could it be? Well,

they need GPUs and they need lots of

GPUs. literally like neverending amounts

of GPUs, thousands. And Nvidia isn't

selling intelligence. Nvidia is selling

the machine that creates intelligence.

Nebus buys those machines, builds out

the infrastructure around them, and

rents that computing power to customers.

This is part of a rapidly emerging

category called a neocloud. You already

know traditional cloud companies like

Amazon, Microsoft, and Google. They ran

out computing power for websites,

databases, applications, and uh

enterprise software. Neoclouds are

different. Leo Paul believes the biggest

winners in AI won't necessarily be the

companies building AI applications. They

could be the companies providing the

infrastructure that every AI company

needs to operate. A neocloud is a cloud

provider built specifically for

artificial intelligence renting massive

GPU computing power to AI companies

instead of focusing on traditional

business software and websites. And this

is absolutely genius of Leopold. Whether

it's OpenAI, Anthropic, XAI or some

other startup nobody has even heard of

yet, right? Some brand new company comes

to the market, they will all need one

thing which is enormous amounts of

computing power. If AI demand keeps

growing basically how it's been growing,

then computing becomes like oil.

Everybody needs it. Everybody is

fighting for it. They're like choking

each other because they need it to win.

They needed to make money and to

progress. And the companies that can

secure GPUs, data centers, power, and

customers all at the very same time can

become extremely valuable. Those are the

companies that are going to win. So

access here matters. Leopold established

a giant position that's so big that it

had to file a 13G due to being over 5%.

The stock has made investors, including

my own community, very wealthy. And the

biggest reason that investors are still

excited is actually very simple. Nebus

has a real chance to become one of the

dominant independent AI infrastructure

providers on the entire planet. What

makes that opportunity so exciting is

that even the largest technology

companies in the world can't seem to get

enough computing power. And when

companies worth trillions of dollars are

still scrambling over more GPUs and

signing partnerships outside their own

ecosystem, it tells you the shortage

isn't just temporary. It's one of the

defining bottlenecks of the entire AI

revolution. Of course, there is a major

risk. This business requires enormous

amounts of capital to succeed. It's one

thing to have customers lined up wanting

AI compute, but it's another thing

entirely to secure the power and acquire

the GPUs, build the facilities, and

raise billions of dollars needed to

actually scale. Every Neocloud is racing

against time. See, time right now for

the AI race is very important because if

capacity isn't built fast enough,

customers may find another provider

before the infrastructure is ready. as

part of the big NEOC cloud risk

assessment an investor has to consider

and now clearly Mr. Leopold whether

through research or information that he

has maybe it's public information or

maybe it's private information not sure

but he has a very strong opinion on this

company and he has already been

extremely profitable on his bet which is

a very telling piece of information now

the bullcase for Nebus over the next

three to even longer 5 10 years that

becomes one of the few global AI

infrastructure platforms outside of the

big four cloud companies and that is the

big thesis that Leo Bill is likely

betting on. Now, here's my June trade on

Nebius that I shared with my own

community. I personally bought Nebus 255

put options. Now, this sounds crazy

because, you know, aren't we bullish

here on Nebius? Well, I bought these

puts as downside protection because

Nebius had become extremely volatile

after a massive run, giving me insurance

in case the stock pulled back sharply

while I maintain my bullish long-term

position. And I ended up closing those

three contracts on Nebas just one day

later. And I ended up closing my hedge.

and quickly I personally had profited

$1,020. And I did also share this live

with my Discord community. And this

position that I opened up is proving

that basically once again that

volatility can be monetized even when

you're bullish on a long-term stock.

Now, as you can see, I also sold put

options on Nebius, which I was assigned

100 shares at $225 per share, which I

was completely comfortable with because

I already viewed Nebus as one of the

strongest AI infrastructure plays in the

entire market. I was happy to own more.

I'd open these positions in my Discord

community as a sell put with the goal of

getting assigned and the other option

position that I made over $1,000 on

personally with my community was a hedge

against any short-term risk because I

saw for one of my VSSL indicators that

basically there would be a short move on

the downside for Nebius and that was a

high probability trade that I could

take. Now I'm still holding Nebius and

getting a sign of $225 per share ended

up being a very amazing entry point for

me to further buy Nebia stock. Now going

forward, what what is Leop Paul doing?

What do I see with the stock? Well, I

think Nebas has more room to run since

Leopold is unlikely acquiring so many

shares to just dump those shares in the

short term. I mean, it wouldn't really

make that much sense to go above 5%

ownership for that to become public. He

knows that's going to be in the 13G,

right? He's he's a genius after all. So,

he knows that that piece of information

is going to become public only to then

dump it right away. That would most

likely hurt his reputation. So, in my

opinion, I think that he is acquiring

shares for the long term and that he

knows info that's likely to make the

stock continue its generational run.

From a long-term perspective, Nebius has

excellent leadership. Their CEO is

Arcadi Vish. This isn't some

entrepreneur who just jumped into AI

bandwagon after, you know, Chad GPT went

viral. Volish has literally spent

decades building technology companies at

scale. And he is the founder of Yandex.

He helped create one of the largest and

most sophisticated technology platforms

outside of the United States with

experience spanning from search engines,

mapping, cloud computing, artificial

intelligence, and managing thousands of

engineers. That background matters

because Nebus is not just trying to rent

GPUs. The bigger vision is to build a

full stack AI cloud and that means that

physical data centers, GPUs, cloud

software, no developer tools, and

eventually higher margin services

layered on top. This is the difference

between a company that owns a bunch of

chips and a company that could become a

real platform. The market might be

missing that part. A lot of people look

at Nebus and say, "Okay, well this is

just another GPU rental company." But

the real upside is if Nebius becomes a

cloud company that starts with GPUs and

then expands into everything around AI

workloads. Now the biggest competitors

are Coreweave, INEN, Lambda, Crusoe,

Oracle Cloud and obviously all the giant

hyperscalers like Microsoft Azure, AWS

and Google Cloud. Compared to those

giants, Nebius is smaller but faster and

far more specialized. Microsoft has to

support everything from Office 365 and

Xbox to corporate databases and

government contracts. While Amazon Cloud

powers millions of websites and

applications around the world, Nebius

doesn't have to be everything to

everyone. that's probably not the best

bet for them. It could focus almost

entirely on the opportunity building AI

infrastructure and delivering GPU

compute to companies racing to develop

artificial intelligence. And this is

what is called a pure play. Nebius is

one of the few publicly traded pureplay

bets on AI infrastructure. Doesn't have

to advertise. It doesn't have to spend

tons of money on that. Doesn't, you

know, have to do e-commerce or office

software or social media business.

Doesn't need to do any of that. Its

success is tied directly to just one

thing, the growth of artificial

intelligence. Unlike Microsoft, Amazon,

or Google, Nebius is a pure play AI

infrastructure company. Investors aren't

buying a conglomerate with like dozens

of business lines. That's not what's

going on here. They're getting direct

exposure to one of the most important

trends in technology, the one and only.

So, could Nebus realistically take

market share from bigger players? Well,

the opportunity isn't that Nebius

replaces Amazon, Microsoft, or Google.

That's not really what I think Leopold

is betting on. That's unlikely his

thesis. The thesis based on Leopold's

165page essay that I spent an entire I

don't even know like over weeks reading,

so you don't have to, by the way, is

that the AI demand grows so fast that

even the largest cloud providers on

Earth can't build capacity quickly

enough to keep up. And in that world,

companies like Nebus don't need to steal

customers from Amazon, Microsoft, or

Google. They simply need to absorb the

overflow. And that's the crazy part. The

opportunity isn't taking market share.

It's serving a market that's growing

faster than everyone can supply it. Now,

is the stock cheap? Well, absolutely

not. This is not the type of stock that

you buy because it trades at a low PE

ratio or looks statistically

undervalued. This is a stock where

investors are betting that today's

growth is only a small preview of what

the business could become over the next

5 to 10 years. In other words, the

market is already pricing in aggressive

growth, major customer wins, successful

execution, and billions of dollars of

future infrastructure expansion. If

management stumbles, if AI demand slows,

or if competitors build capacity faster,

this stock is going to experience some

heavy volatility. But it's not like the

stock's not already volatile and it has

been just fine in the past. So going

forward, as long as those big risks

don't actually happen, and you know, the

supply doesn't actually end up catching

up, then this stock is likely to

experience more explosive growth. That's

also why Leopaul's position is so

fascinating to me. He isn't betting on

what Nebius is today. He's betting on

what Nebius could become. If the company

continues signing large customers,

expands it data center footprint,

secures additional power capacity, and

converts these contracts into recurring

revenue streams, the current valuation

could look far less expensive in

hindsight. What could turn Nebius into a

monster winner is actually pretty

simple. More hyperscaler partnerships,

more AI laboratory partnerships, more

GPU capacity coming online, more

long-term customer contracts, and all of

these things I see very probable. And

obviously, Leopold is likely looking at

at it the same way. Perhaps most

importantly, proof that revenue growth

eventually translates into meaningful

profitability is what actually has to

happen for the company to be worth a

hundred billion, $200 billion, and so on

and so forth for Nebius to actually

reach larger and larger valuations.

Because at the end of the day, revenue

alone doesn't create shareholder value.

Profitable growth does. So over the next

few years, investors should pay close

attention to new contract announcements,

infrastructure expansion updates, power

availability, customer diversification.

Yeah, that is actually very important.

And margin trends. So those factors will

tell us whether Nebius is simply riding

the AI wave or whether it is becoming

one of the foundational infrastructure

companies powering the entire AI

ecosystem. And if Leopaul's thesis is

correct, Nebius may not just be another

AI stock. It could be one of the

companies that is helping build the

backbone of artificial intelligence

himself. So that's a long summary on

Leopalt holding Nebius's biggest stock.

Now let's go into his second holding

which is Bloom Energy. Bloom Energy is

Leopold's second largest position and

honestly it might be the most unexpected

stock in the entire portfolio. When most

people think about AI investments, they

think about Nvidia, cloud computing,

software or you know robots. Bloom

doesn't do any of that. Bloom sells fuel

cell systems that generate electricity

directly at the customer location. At

first glance, that sounds about as

exciting as watching paintry till you

realize one very important thing. The

next major bottleneck in artificial

intelligence may not be chips. It may be

power. So, everyone is talking about GPU

shortages, but AI data centers are

consuming staggering amounts of

electricity. In many cases, companies

secure the land, the building, and even

the Nvidia chips, and then they realize

the real problem is getting enough power

to actually turn everything on. And

that's where Bloom enters the picture.

Instead of waiting years for utilities

to upgrade the electrical grid, Bloom

offers companies a way to bring power

directly to the site and get operational

much faster. and speed matters a

tremendous amount in this context. If a

company can launch an AI data center 12

months earlier, that could literally

mean hundreds of millions of dollars in

additional revenue. Suddenly, the

question isn't, well, what's the

cheapest power source? It's how quickly

can I get my hands on power right now?

That shift in thinking is why investors

become increasingly interested in Bloom

Energy. The company has recently

benefited from growing demand tied to AI

infrastructure projects, including

relationships connected to companies

such as Cororeweave, Oracle, Brookfield,

and yes, Nebius, the first stock in

Leopold's holdings. So, investors are

beginning to realize that electricity

isn't just supporting the AI boom. It

may be one of the most important ways to

invest in it. The bull case is

relatively straightforward. If AI data

centers continue expanding at the

current pace, developers will need

faster solutions than traditional

utility upgrades can provide. Bloom

could become one of the preferred

providers for on-site power generation,

making it a critical piece of AI

infrastructure. In other words, while

everyone is also selling picks and

shovels, Bloom might be supplying the

fuel needed to run the entire operation.

Now, let's talk about the founder

because this story gets even more

interesting. CEO KR Sridner isn't some

executive who suddenly decided to add AI

to a PowerPoint presentation. Before

founding Bloom, he worked on a

technology related to producing oxygen

on Mars. He spent time working with

NASA, taught as a professor, and

eventually helped create Bloom, the

commercial fuel cell technology. That's

a founder fit story that you don't see

every single day. Bloom has spent years

developing energy solutions. And the

rise of AI simply created a massive new

customer base that desperately needs

that Bloom already has. Of course, there

are risks. Fuel cells have gone through

multiple hype cycles over the years.

Investors have heard big promises

before, and the technology can still be

very expensive. Many systems rely

actually on natural gas. There are

legitimate questions about whether Bloom

can scale fast enough to serve enormous

AI campuses requiring hundreds of

megawatts of power. There's also no

shortage of competition. Traditional

utilities could improve connection

times. Gas turbines remain a viable

alternative. Battery technology

continues advancing. Companies like GE,

Vernova, Seaman's Energy, Caterpillar,

Cumins, and others are all competing for

a piece of the future energy market. So,

what is Leopold seeing here? And why is

it such a big position for him? And what

makes Bloom Energy so different? Well,

its biggest advantage may be flexibility

and deployment speed. Bloom systems can

be installed directly where power is

needed, reducing dependencies on long

utility weight times and allowing

projects to move forward sooner. The

market may be underestimating how

valuable that really is. Because when

you're building an AI campus, every

month of delay really matters. Every

quarter of delay matters. The sooner you

get the power to the facility, the

sooner that you can start generating

revenue, right? So that's why Bloom

isn't really competing on energy cost

alone. It's actually competing on time.

Compared with a giant like GE Venova,

Bloom is obviously the smaller company.

GE has great scale, more resources, and

a longer operational history, but Bloom

may offer more direct exposure to one

specific trend, and that is the growing

need for immediate power solutions for

AI infrastructure. Now, let's talk a

little bit about valuation. Is Bloom

Energy cheap? And again, h it is not

really cheap. Mr. Ashener isn't really a

value investor, though, so I'm not too

concerned. when I look deeper into Bloom

Energy, what I think is going to

literally make like bicep over tricep

money. Why is Mr. Leopold investing in

such an aggressive company? Well,

clearly it's because he sees Bloom

Energy already having a significant run

and he sees it going further. Look at

the year-to- date return. Investors are

clearly pricing in the future success.

But unlike many speculative stories,

Bloom is increasingly backing up that

narrative with improving financial

performance, revenue growth, and

stronger guidance and better execution.

So, while I couldn't call it cheap, I

would say it is becoming increasingly

supported by real business results. Leo

Paul appears to be making a very

interesting decision on Bloom Energy.

And what I find interesting is that

Bloom fits the exact same patterns we

saw with Nebius. Leopold isn't just

buying the AI companies. He's buying the

bottlenecks. First, it was compute with

Nebius, and now it's power with Bloom.

If his thesis is correct, the biggest

winners of the AI revolution may not be

companies building the applications, but

the companies supplying the resources

every AI company desperately needs. And

that's what makes Bloom one of the most

interesting positions in his entire

portfolio. This is one of the stocks

that I cover my own report that you can

download for free in the description

based on the companies that I find most

attractive amongst Leopal's holdings.

Now, his next holding is SanDisk.

Leopold's next major position might be

the most overlooked stock in his entire

portfolio. When people think about AI

infrastructure, they immediately think

about Nvidia GPUs and all the same kind

of reasons and stocks that I already

mentioned. Now some investors might also

be thinking about AMD or Broadcom or

custom AI chips which is also very

interesting but almost nobody's really

thinking about storage. Storage is very

important and of course a lot of people

know Micron technology which has been

doing extremely well in the storage

space but this company Sandesk is one of

Leopold's biggest holdings and that

might not be a mistake because every AI

model does need storage and specifically

they need enormous amounts of data. So

training data, inference data, video

data, agent memory, vector databases,

robotics data, synthetic data, model

checkpoints. Literally, the amount of

storage that is required is going to

continue to explode, especially as AI

just becomes more powerful. The AI

revolution isn't just creating

intelligence. It's creating a digital

tsunami of information that has to be

stored, retrieved, organized, and

accessed. And that's where Sandex comes

in. Sandex is one of the largest nan

flash and SSD storage companies in the

entire world. And Leopold appears to be

making a very specific bet. The market

understands that compute is the

bottleneck. The market is starting to

understand the power bottleneck. The

market may still be underestimating the

storage bottleneck. So for years,

storage companies were viewed as

commodity businesses. Demand would rise,

prices would spike, competitors would

add supply, and eventually margins would

collapse. It was one of the most

cyclical industries in the entire

technology market. But AI could change

that equation. And if AI workloads

continue expanding at the current pace,

storage demands may remain elevated much

longer than investors are used to

seeing. That's exactly what has been

happening lately. So since becoming an

independent company following the

Western Digital separation, Sandusk has

reported explosive improvements in

revenue, profitability, and cash

generation. Data center demand has

become a much bigger driver of the

story, and management is increasingly

talking about the long-term customer

relationship rather than short-term

pricing fluctuations. And that's a major

shift. Investors aren't simply getting

excited because NAND prices are higher.

They're getting excited because Sandesk

could become a strategic supplier to

some of the largest AI infrastructure

projects in the world. The bullcase is

actually pretty simple. If AI agents

become very common, they won't just

process information. They're going to

constantly generate information. Every

interaction, every image, video, file,

memory, every database query, every

autonomous decision, and all of it has

to live somewhere. That brings us to one

of the most important concepts investors

should understand. Persistent storage.

Training an AI model is expensive. Just

running millions of AI agents every

single day could create an entire

different level of storage demand. That

is the long-term bet. Now, let's talk

about management. CEO David Geocller

isn't new to enterprise technology.

Before leading SanDisk, he ran Western

Digital and spent years as a senior

executive at Cisco. That experience

matters because SanDisk's future isn't

about selling memory cards to customers

or consumers. It's about selling

missionritical storage solutions to

hyperscalers, enterprises and AI

infrastructure providers. So the

contract size is in fact going to be

much larger than individual consumers.

Now recent capital allocation decisions

are also very interesting. Management

authorized a large share repurchase

program after earning surge that could

prove extremely intelligent if current

profitability is sustained. But it could

also look poorly timed if industry

eventually returns to traditional memory

downtrend. Now of course there's risks.

Memory investors have heard this story

before. Every cycle feels different.

Every cycle looks stronger and

eventually supply catches up and that's

why skeptics remain cautious. Sandesk is

already primarily a nan flash company

which creates another challenge. The

next stock is Cororeweave. If Nebius is

Leopold's biggest position, Cororeweave

may be the company that validates the

entire Neocloud investment thesis. This

is the stock that everybody in AI

infrastructure watches, not because it's

the biggest or the safest, but because

it's the first real public market stress

test for whether the AI cloud model

actually works. Goreweave story is wild.

The company originally started in crypto

mining. Then management recognized

something that most investors completely

miss. GPUs were becoming more valuable

for artificial intelligence than

cryptocurrency. That realization changed

everything. Instead of mining digital

coins, they began building

infrastructure to rent GPUs to companies

building AI. Today, some of the largest

technology companies in the world rely

on Core Wave. We're talking about names

like Microsoft, OpenAI, Meta, and

Anthropic. Those customer relationships

matter because they prove something very

important. The demand is real. Nobody

can say AI demand is fake. But demand

alone doesn't mean that this can be a

successful investment for Leopold.

That's where things get really

interesting. Coreweave may have one of

the strongest demand profiles and

technology, but also has one of the most

aggressive infrastructure buildouts in

the market. The company is spending

enormous amounts of capital building

data centers, financing expansion,

signing leases, raising debt. Everything

has to keep improving forward and moving

forward. It's almost like watching a

Formula 1 car racing at 200 mph. It's

incredibly impressive, but there isn't

much room for mistakes. The founder and

CEO, Michael Inttorer, deserves a lot of

credit for recognizing the opportunity

early. Before Cororeweave, he worked in

commodities trading. And honestly, that

background may have been the perfect

training ground for him as a CEO because

Cororeweave isn't just a software

company, not a cloud company. It's not

an infrastructure company. It's a

business built about acquiring scarce

assets and monetizing them efficiently.

And he himself is a trader. So that is

pretty much the perfect training for a

future CEO. Now, one of the scarce

assets happened to be GPU compute. And

trader realized years ago that GPUs

could become one of the most valuable

resources in technology. If you could

secure them before everyone else,

finance them correctly, deploy them

quickly, and rent them to customers

desperate for capacity, you could create

enormous value. That's exactly what

happened. The next phase, however, is

much harder. The challenge now is

proving Horwave can evolve from an AI

compute landlord into a durable platform

company. It seems to me that Leopold is

investing this company because he sees a

very bright future. And compared to AWS,

Azure, and Google Cloud, Cororeweave is

far more specialized. And that may be

where Cororeweave's advantage is.

Compared to Nebus, Lambda, Corso, and

many other NeoClouds, Cororeweave has

stronger customer validation and larger

scale deployments. It sits in a very

unique middle ground. Large enough to

matter, small enough to move quickly.

And that perhaps is the opportunity that

Leopold is viewing very closely. Now, if

Nebius is the sophisticated AI cloud

story and Cororeweave is the

institutional favorite, IN might be the

most explosive stock in Leopal's entire

portfolio and also one that could blow

up the fastest. That's what makes it so

interesting. Most investors still think

of Irene as a Bitcoin miner and

technically they're not wrong, but I

think that's becoming an outdated way to

look at the company because Bitcoin

mining was never really the asset. The

asset was always the power, the land,

the infrastructure, and data centers.

Bitcoin just happened to be the first

customer. Now AI wants to become the

second customer and that's where things

get interesting. When the AI boom

started, companies everywhere began

scrambling for GPUs, data centers, and

electricity. Iran already had something

that many AI companies desperately

needed, power, and lots of it. That's

why Leopold owns the stock. The market

is beginning to realize that power-rich

infrastructure companies may have a head

start in the race to build AI capacity.

And recently, that thesis became much

more credible. Microsoft showed up,

Nvidia showed up. Suddenly, this wasn't

just another crypto company talking

about artificial intelligence. The

market started paying attention because

there is huge difference between saying

that you're pivoting to AI and actually

attracting customers. And that is what

really matters to investors and to

shareholders. That's what changed the

story. The bullcase is incredibly

straightforward. If AI demand continues

growing, somebody needs to convert

electricity into revenue producing AI

infrastructure. IN controls large

amounts of power capacity and physical

infrastructure. The question is whether

management can convert those assets into

contracted AI revenue fast enough. What

I think many investors are missing is

that I rent doesn't need to become the

next Amazon Web Services. That's not the

goal. The goal is much simpler. Take

power, take land, take facilities, GPUs,

and convert them into AI revenue faster

than competitors. If management can do

that repeatedly, the market may begin

valuing Iran very differently than it

does today. Of course, plenty can go

wrong. Equipment delays, construction

delays, cooling challenges, customer

concentration, capital raises, debt,

Bitcoin volatility, lower GPU rentals.

This is not a risk-free story. This is

one of the highest risk names that Leo

Paul owns. That's also why it has

attracted so much attention. Because if

the Microsoft and Nvidia relationships

are the beginning rather than the end of

the story, investors may eventually view

Iran as something entirely different

than a former Bitcoin miner. They may

view it as one of the fastest power to

compute conversion stories in the public

market. And honestly, that's why I think

Leopold owns this company. He's not

betting on crypto. He's betting on the

idea that electricity becomes one of the

most valuable assets in the AI economy.

And if that thesis is correct, companies

that already control large amounts of

power may end up holding a stronger hand

than many investors realize today. I sat

down with Leopold's 165page situational

awareness thesis and went through the

filings name by name and wrote up the

part that actually matters. What each

company really does, where the real

bottleneck is, and how I think about

owning them over the next 12 months.

It's free, and the link is in the

description. I'm not telling you to go

buy any of this. I'm telling you to do

what I did. Study it, read through it,

take your time, and decide for yourself

whether the story holds up.