Why Leopold Aschenbrenner's AI hedge fund is betting big on power companies and bitcoin miners to fuel the AI boom | Fortune
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Why Leopold Aschenbrenner's AI hedge fund is betting big on power companies and bitcoin miners to fuel the AI boom | Fortune
"In the introduction to his essay, Aschenbrenner sketched a future he claimed was visible only to a few hundred prescient people, 'most of them in San Francisco and the AI labs.' Not surprisingly, he included himself among those with 'situational awareness,' while the rest of the world had 'not the faintest glimmer of what is about to hit them.'"
"What he insisted he could see more clearly was that LLMs were improving at an exponential rate, scaling rapidly toward AGI, and then beyond to 'superintelligence'-with geopolitical consequences and, for those who moved early, the chance to capture the biggest economic windfall of the century. He insisted that the math itself-the scaling curves that suggested AI capabilities increased exponentially with the amount of data and computing power thrown at the same basic algorithms-showed where things were headed."
Leopold Aschenbrenner, a former OpenAI researcher and FTX Future Fund member, published a 165-page essay in 2024 titled Situational Awareness arguing that AGI arrival was imminent and the U.S. risked falling behind without proper recognition and investment. The essay claimed exponential improvements in large language models would rapidly scale toward artificial general intelligence and superintelligence, with massive geopolitical and economic consequences. Aschenbrenner positioned himself among a select few with clear foresight while claiming most people remained unaware of impending AI transformation. He founded a multibillion-dollar hedge fund based on these principles, currently making substantial investments in power generation infrastructure necessary to support AGI development.
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