Updates From the #1 AI Investor: Leopold's NVIDIA & Anthropic Strategy

Josh: Leopold Aschenbrenner, that 24-year-old guy who invests in AI, Josh: he's very clearly the best AI investor in the world. Josh: There is word on the street that his notional position in this fund is now over $20 billion. Josh: And Ejaz, we were looking at one of your posts from, what, a month ago, Josh: and it was 13. So the fund seems to be doubling basically every quarter. Josh: And we have some pretty serious and interesting updates on what Leopold has been investing in.

Josh: You'll note that in the last episode, we covered his portfolio. Josh: He was actually short a company that a lot of people are familiar with, Josh: the largest one in the world, NVIDIA. Josh: And nobody could figure out why. He had over $9 billion worth of shorts on the Josh: largest and hottest AI company in the world. Josh: Today, we have some news that might actually uncover the reason why.

Josh: It comes in the form of a debt offering. NVIDIA is actually raising money, Josh: which doesn't seem to make sense on the surface. Josh: Why would a company as big as NVIDIA be raising what just closed as $25 billion Josh: in cash when their margins in particular are so, so high?

Josh: So on the episode today, we're going to talk about Leopold's portfolio, Josh: how he's doing so well, what he's looking forward to, and what he's positioning Josh: himself to, to go next, but also what's going on with NVIDIA. Ejaaz: So Leopold Ashenbrenner, for context, ex-open AI researcher, Ejaaz: raised a fund about one and a half to two years ago. It was a small casual raise Ejaaz: of $200 million, I believe.

Ejaaz: And since then, since his last 13F filings, the fund is worth $13.7 billion.

Ejaaz: And so everyone obviously wanted to know what positions he was taking, Ejaaz: what his thesis was, what was the next major trade. Now, it's important to understand Ejaaz: up until a month ago, Leopold was extremely bullish about everything AI, Ejaaz: particularly picks and shovels. Ejaaz: So we're talking about the NVIDIAs, the GPU makers, all that kind of stuff. Ejaaz: And then a month ago, it was revealed that he wasn't especially bullish on the

Ejaaz: semiconductor landscape. He was still bullish on things like memory and power, Ejaaz: those kinds of bottleneck constraints. Ejaaz: And maybe he was bullish near clouds as well. But he wasn't bullish, Ejaaz: the most valuable company in the world, NVIDIA. Ejaaz: And we have a total of $9 billion worth of puts in NVIDIA, ASML, Ejaaz: and Oracle. So these are companies that are key to the infrastructure boom, Ejaaz: which is what has been heralded as the best and most certain trade in AI.

Ejaaz: So people started getting concerned. and they were like, is this the AI bubble Ejaaz: popping? Like, we don't see any signs of this. NVIDIA is still selling so many GPUs. Ejaaz: What could be the problem? And since then, we've uncovered... Ejaaz: A few things. The major one being that NVIDIA just raised $25 billion in a bond Ejaaz: offering from external capital. Ejaaz: So what this means effectively is they're raising money outside of their balance

Ejaaz: sheet. So it causes the question, which is why on earth is the most valuable Ejaaz: company in the world that has the most money that's making the most money that Ejaaz: has the highest margins raising $25 billion?

Josh: In fact, they weren't only going to plan to raise, they were only going to plan Josh: to raise 20 billion and they actually wound up raising 25 billion which was Josh: more than three times oversubscribed and it's funny when in the last episode Josh: that we were talking about this portfolio are we in a bubble Josh: how do we know when the top is getting closer to being in we're like don't worry Josh: about it all these companies are spending a tremendous amount of capex but they

Josh: have a huge amount of revenue to fund all that it's coming right off the balance Josh: sheet this is the first time since 2021 in the case of nvidia where they're actually raising money Josh: outside of the balance sheet they're not taking their money on the balance sheet Josh: which i believe is about 12 billion dollars they currently have.

Josh: And that leads me to a few questions. It's like, Leopold is short, Josh: NVIDIA is raising some debt, when it seems like they have infinite cash and infinite margins. Josh: What's actually going on here? So IJAS, maybe you could help us unpack what Josh: this deal actually was. This is a bond offering, which is not just a general Josh: fundraise. It's a little bit different.

Josh: And at the end of the day now, NVIDIA now has 25 billion additional dollars Josh: on their balance sheet for what I assume is a pretty low rate.

Ejaaz: So let me give you both sides of the story here. Ejaaz: NVIDIA has around $13.7 billion on their cash balance sheet. Ejaaz: So this is money that they could just spend to do whatever they want. Ejaaz: So the question then is, why are they raising external capital? Ejaaz: Well, the analogy is, think of you purchasing a house. Typically, Ejaaz: most people would, if they have the money, they would still,

Ejaaz: take a mortgage out. Why? Because you can, you know, use your capital for other Ejaaz: purposes, and you can just borrow money at a really cheap rate. Ejaaz: Now, interest rates have been pretty cataclysmic for a while now. Ejaaz: But if you're NVIDIA, the most valuable company in the world, Ejaaz: that has the most valuable stock in the world, the most desirable stock in the

Ejaaz: world, hey, you could raise at pretty decent rates. And I've got the breakdown Ejaaz: over here for the $25 billion bond offering. Ejaaz: They've got bonds that range between two to 30 years. So it's effectively free Ejaaz: money that they're raising at. The interest rates are almost nothing. Ejaaz: It's almost as good as government yield bond rates itself, which is like the Ejaaz: best kind of offering that you could potentially get.

Ejaaz: And there were 4x oversubscribed for people who wanted to help invest in this money. Ejaaz: So $85 billion worth of capital wanted to kind of pummel into this $25 billion Ejaaz: raise. So NVIDIA could just have their pick of the litter. Now, Ejaaz: if you want to look at the reasons behind and why they're doing this. Ejaaz: Nvidia's stated claim officially is, this is just financial bookkeeping.

Ejaaz: We wanna pay off and refinance some debt that we have on our balance sheet, Ejaaz: which sounds familiar because Google did something very similar about three Ejaaz: weeks ago, and then they did it earlier on this year in February. Ejaaz: So you could take the stated claim that this is financial bookkeeping, Ejaaz: but the other side of it is.

Ejaaz: Does it seem pretty coincidental that NVIDIA, Amazon, Google, Ejaaz: and I think three of the other hyperscalers have all raised external debt financing Ejaaz: in the last month and a half? Ejaaz: And it's a mixture of equity selling, which is what kind of like Google's done Ejaaz: just last week or three weeks ago. Ejaaz: And it's a mixture of bond raises as well. So Leopold could be right in the Ejaaz: sense that this might be marking the start of a bubble popping or coming down.

Ejaaz: The house of cards are coming down. Ejaaz: If this is the sign of a levered bet or a levered raise. But right now, Ejaaz: if you look at the financial structuring of this entire thing, Ejaaz: it doesn't entirely say that. Josh: That's what I'm thinking too, is I'm looking at Leopold's portfolio. Josh: I'm like, man, $9 billion is a lot of money to be short NVIDIA.

Josh: And another thing that I found out as we were researching is on May 18th, Josh: the board of NVIDIA actually authorized an additional $80 billion in buybacks Josh: and raised their dividend from a penny to 25 cents per share. Josh: So they multiplied the dividend by 25 times.

Josh: They pledged 80 billion dollars to buy back shares from shareholders and a company Josh: doesn't really hand 80 billion dollars back to shareholders and raise their dividend 25x Josh: in the same month that it borrows out of need so there are these two conflicting Josh: things it's like well they're clearly not borrowing out of need because they're Josh: actually giving back to the shareholders so the question why why are they doing

Josh: this well because it's cheap money and it seems like the way that this ai Josh: pump this ai bubble is being funded is just slightly shifting to a new model because Josh: everyone wants to be participating everyone wants to be involved in these capital Josh: raises nvidia has recognized this they could do so even more cheaply by issuing Josh: their own bonds than they can from going anywhere else so they're like hey

Josh: if we could take some money off the table we're going to do that and it seems Josh: like nvidia is actually just doing just fine which leads us to the question Josh: of like what is leopold actually thinking how is his Josh: mind changed over time i mean you looked at the nvidia stock it hasn't been Josh: doing great the one you were just showing on screen it's not like nvidia has Josh: been crushing recently but it's still like five trillion dollars most valuable

Josh: company in the world i mean only down seven percent in a month is Josh: nowhere, considering everything else has been pumping. But it's still like, Josh: I don't know, it doesn't seem like it's doing that bad.

Ejaaz: So listen, I think that NVIDIA is not going anywhere. I think their products, Ejaaz: their GPUs, and now the CPU line that they just opened up a few weeks ago is Ejaaz: going to do overwhelmingly well. There is a surplus, an exponential surplus Ejaaz: of demand for AI products. Ejaaz: And there's only one main machine provider that can support that type of demand. Ejaaz: And that is NVIDIA. So I don't think they're going anywhere.

Ejaaz: What I do think is the picks and shovel AI trade is extremely overcrowded. Ejaaz: And that's what Leopold's most recent portfolio positioning tells us. Ejaaz: Like, I mean, let's take a look at this, right? So as of their last 13F filing, Ejaaz: they were pretty bearish on the semiconductor landscape, Ejaaz: through the form of a short position or put position in NVIDIA, Ejaaz: ASML, Oracle, and a few other infrastructure scale providers.

Ejaaz: But at the same time, Leopold was very long companies in the memory sector or Ejaaz: in the power sector or in the neocloud sector iron is one of his biggest positions.

Ejaaz: And that since his 30 net filing is up 20 so like you know again he's hitting Ejaaz: some nails on the head but he's bearish some layers of the semiconductor or Ejaaz: infrastructure stack specifically and that tells me one very clear thing which is Ejaaz: leopold isn't bearish um ai infrastructure i don't think he's calling it a top Ejaaz: on the bubble he just thinks that the Ejaaz: trade itself on picks and shovel is overcrowded and that money is going to rotate somewhere else.

Ejaaz: So if the question is, where is that money rotating? Ejaaz: There's two answers. The most obvious answer is it's going to the next infrastructure Ejaaz: bottleneck, which we've spoken about on previous episodes is power, Ejaaz: it's memory, it's data center networking, it's stuff like that. Ejaaz: We've spoken about this on previous episodes. Ejaaz: And then there's this other secret investment that was uncovered a few weeks ago, right?

Josh: Yeah, this is the weird one for me. I was like, wait, this came out of left Josh: field. You actually told me this yesterday. And I was like, no way that's true. Josh: There's surely no chance that Leopold's Fund, Situational Awareness, Josh: 20% of the fund owns Anthropic Equity. Josh: Yes, the AI company that everyone knows and loves, Anthropic, Josh: 20% of Leopold Asch and Brenner's fund is involved in Anthropic.

Josh: How do we know this? Well, it's not totally confirmed, but the Wall Street Journal Josh: and a few other publications have apparently sources that are very close to Josh: the matter that confirm this. Josh: And it seems as if this is a huge wildcard that we were not anticipating in Josh: his fund. Because when you publish these 13F filings, the way it works is you Josh: just publish your public positions. Josh: It doesn't have anything to do with privately held equity.

Josh: Anthropic, turns out, is a huge amount of privately held equity. Josh: And that's where we get to this $20 billion expected valuation of his portfolios. Josh: Because, I mean, 20% of the fund being in Anthropic, and he's been in it, Josh: what, EJAS, for over a year now? Like he invested early 2025? Josh: That's like, being invested in Anthropic is like dog years. Each year is like Josh: seven. So a year in Anthropic feels like a tremendous return.

Josh: And that's a huge readjustment to his portfolio when we see this? Josh: Because now it feels like we have a much more clear picture. Ejaaz: Yeah. So the first time he invested either privately or through the fund in Ejaaz: a VC investment in Anthropic was in March 2025. Ejaaz: That was when Anthropic was worth $60 billion. Ejaaz: Double digits. Now of Anthropic's recent valuation, they're valued at $965 billion.

Ejaaz: That is a 15x markup. And if you do the math, as we're showing on the screen Ejaaz: today, his liquid portfolio, so that's the thing that's reported in the 13F, Ejaaz: as of his recent 13F filings was worth $13.7 billion, Ejaaz: with the anthropic stake that he supposedly has as reported by the Wall Street Ejaaz: Journal, adds another $7 billion, Ejaaz: bringing him to a total AUM of $20 billion. Now, if you're,

Ejaaz: how crazy this is. Bill Ackman, one of the most famed investors in the entire Ejaaz: world who's been in this game for 30 to 40 years. Ejaaz: His fund is worth just around $20 billion, Pershing Capital. Ejaaz: Leopold's been in the game for about a year and a half. Ejaaz: And this guy is 24 years old. He has zero, and I must emphasize, Ejaaz: zero investing experience, right?

Ejaaz: But he's made some of the most amazing calls ever. And the craziest part about Ejaaz: all of this, and I've said this on previous episodes, is that he gave us the Ejaaz: entire thesis in a 65-page. Ejaaz: AI essay about a year and a half ago when he started his fund, Ejaaz: Situational Awareness, called Situational Awareness, that broke down his entire trade.

Ejaaz: He even described how the money will rotate from semiconductors and infrastructures Ejaaz: specifically into other bottleneck constraints. Ejaaz: And that's the trade that's playing out today. So it's just extremely impressive.

Ejaaz: And that tells me where the rest of the money is flowing. If he's bearish NVIDIA, Ejaaz: money's going to power, memory, but also he wants to invest in the mines themselves. Ejaaz: Screw the picks and shovels, invest in the mines, and Anthropoc is his favorite bet. Josh: This seems like the trend. And I think this is probably a little bit ahead of his time.

Josh: Again as always but it seems like the new trend is pivoting away from the bottleneck Josh: thesis over the last what 12 months or so it's been everyone's trying to find Josh: the bottlenecks where are they it's in the precious metals it's in the memory Josh: it's in ram it's in all these Josh: these things that people perceive to be bottlenecks and it's true and that run Josh: has happened but it seems as if those are getting close to

Josh: more fairly priced everyone kind of understands the business they understand Josh: the market they understand the revenues that are projected forward and they Josh: kind of have a reasonable valuation so a lot of that value has been captured Josh: the next rotation is what we're interested in it's where does the money flow Josh: after this as you mentioned land power shell kind of the physical infrastructure Josh: this seems to be directionally correct

Josh: when we think about the companies that are most important moving forward when Josh: you think about the things most critical to ai it's the actual physical build Josh: out it's it's what xai has been doing when you look at xai the company or spacex Josh: i should say which is now publicly traded Josh: where does all of the revenue come from it has absolutely nothing to do with Josh: rocket ships it's the ai build out look at the deal this time with anthropic

Josh: look at the deal this time with google those account for more than starlink Josh: and starship and their entire satellite business combined there's clearly a Josh: tremendous amount of value Josh: a huge amount of demand and then the question now shifts to who are the people Josh: that are building this okay spacex is the obvious answer spacex Josh: I mean, after hours last night, he traded at $230 a share. That's $3.1 trillion

Josh: In value. And we're going to have an entire episode about SpaceX this week because Josh: my God, what a run. They just closed the cursor acquisition. Josh: They're now valued at $3 trillion. Josh: Elon made more money in a day than Warren Buffett did in his whole career. Josh: So that is a whole separate thing. But what are they best at? Josh: They're best at that hardware infrastructure, at developing the machines that build the machines.

Josh: And that is where we think, based on Leopold's direction, based on just general Josh: trends, that's where the money heads to. So what does that actually look like Josh: Ejaz physically manifest? Who are the companies involved? Josh: Who is there at the rotation ready to just receive this hot ball of money that's flowing around?

Ejaaz: Yeah, so it's a lot of the unsexy infrastructure companies, as you mentioned. Ejaaz: One popular name that's been passed around over the last month is Marvel. Ejaaz: Marvel is the company that Jensen Huang went on stage at Computex, Ejaaz: which is like a major AI conference two weeks ago in Taiwan. Ejaaz: And he said, this is the next trillion dollar company.

Ejaaz: Three months prior to him making that statement, NVIDIA had made a one and a Ejaaz: half billion dollar investment in Marvel. Ejaaz: I don't know where the lines are in terms of like insider trading or market Ejaaz: manipulation at this point, but the stock did pump 70% subsequently after he made that statement. Ejaaz: I think it's easy to call a top on AI infrastructure right now. Ejaaz: And if you think about previous financial crisis, like in 2008,

Ejaaz: there was a lot of levered positions. There was a lot of financial and market manipulation. Ejaaz: We don't quite see the same here yet. Ejaaz: And I'll tell you what the distinct differences are. Number one, Ejaaz: there are people paying for the products that these companies are creating. Ejaaz: So there are real customers buying the products. Back in the dot-com boom, Ejaaz: back in the financial crisis, you don't really have this. And then the second thing is.

Ejaaz: We physically, by the laws of physics, can't lever up right now because we're Ejaaz: constrained by human capital. Ejaaz: What I mean by that is no matter how much money you raise or throw at the thing, Ejaaz: you can't build data centers fast enough. You can't scale memory chips fast Ejaaz: enough. You can't build the power lines and scale the energy grid and the infrastructure fast enough. Ejaaz: We don't have enough men on the ground. We don't have the capacity to do that.

Ejaaz: There are laws, regulations, and a ton of red tape that is currently blocking you. Ejaaz: So what you have here is an advantage, in my opinion, which is you can view Ejaaz: where the money's gonna go, right? So you think that the picks and shovels trade Ejaaz: is overtraded or it's overcrowded. Ejaaz: That money's gonna flow into power. It's gonna flow into data networking like Ejaaz: Astero Labs. It's gonna flow into a bunch of these different companies.

Ejaaz: And so you need to start thinking, hmm, okay, when will these contracts start to be materialized? Ejaaz: When will these chip fabs end up being created? When will SpaceX's rockets start Ejaaz: being launched into space, releasing his AI-1 satellites and harvesting the Ejaaz: sun's energy to train AI models? Ejaaz: What is that timeline? And then the bet I'm taking at least is like I'm investing Ejaaz: accordingly based on that.

Ejaaz: Again, not investment advice, but I just it's how I generally see the money Ejaaz: flowing because it's how we've seen it flow from general AI stocks into the Ejaaz: semiconductor infrastructure trades, which we've seen over the last year and a half.

Josh: And if we scroll down a little bit in this artifact we we see that story playing Josh: out in his portfolio where it shows Josh: the ownership stake that he has on a relative basis the number one category Josh: what is it it's power it's energy second to that it's the memory and then it's Josh: the the clouds and the gpu miners it's the actual physical infrastructure he wants to Josh: own core weave the neo clouds he wants to own the the miners who have switched

Josh: over to clouds he wants to just own that physical infra because that's where Josh: that the true bottleneck is and so sure there's smaller parts along the way. Josh: Like you mentioned, the actual build out, the actual hardware, Josh: the physical manufacturing of these data centers is such a challenging thing. Josh: And it's the biggest bottleneck, if anything, just to get the permits to go build it. Josh: Who's solving this problem? Well, SpaceX is trying to put them into outer space.

Josh: Who's solving the human problem? Well, Tesla is trying to build humanoid robots. Josh: But both of those things are a pretty long way out. So in the intermediary, Josh: there's a lot of opportunity in white space.

Josh: And that's what he's going for. So as we start to wrap up this episode, Josh: there's like one last thing I think we probably want to mention, Josh: which is the subtle nuances that exist in his portfolio that I think are a little Josh: surprising and we didn't highlight before. Josh: For anyone who's looking to go a little bit deeper, a little more alpha, Josh: a lot of it comes in optical and like kind of lower down the stack technology.

Josh: Ejaz, I know you've been in the weeds about this. How does it work? Josh: What is his position? What is his thinking around, I guess, optics in general? Ejaaz: Well, if you just generally look at his portfolio position that we're showing Ejaaz: on the screen here, CoreWeave and Iron are basically some of the top neocloud providers. Ejaaz: So what I mean by that is think of Amazon Web Services, like they create cloud Ejaaz: services for any internet company that wants to create a thing.

Ejaaz: That's what these companies do for any AI company. They have the GPU infrastructure, Ejaaz: they set it up for you, they do all the networking such that you don't need Ejaaz: to focus on it. You can just train your models, get access to compute, Ejaaz: and don't worry about any of the other kind of stuff. Ejaaz: CoreWeave and Iron have been Leopold's biggest positions since he started the Ejaaz: fund, or he's had very concentrated positions, and they have provided him the biggest returns.

Ejaaz: Now, I think it's worth pointing out that he still has the biggest positions Ejaaz: focused in these two companies. In fact, he's privately invested in a company Ejaaz: called Core Scientific, which helps unlock a lot of Core Weave's infrastructure. Ejaaz: Provision, which means that he's effectively taken a levered bet on CoreWeave. Ejaaz: And the fact that he still has major positions in these companies tells us that Ejaaz: that trade, in his opinion, typically isn't over yet.

Ejaaz: And then if you look at cores and light, these are all optical fiber providers. Ejaaz: Now, if you want to understand what that means at a very basic level, Ejaaz: typically if you need a semiconductor or GPU chips to speak to each other, Ejaaz: requires like a lot of copper wires. And at some point when you have so many of these GPUs, Ejaaz: copper wires get overheated. There's a lot of heat resistance.

Ejaaz: You lose a lot of energy. It becomes extremely inefficient. You know what isn't as inefficient? Ejaaz: If you start using optical fibers. And that is kind of like the next leap, Ejaaz: the next iteration to build data centers, to network and connect these GPUs, Ejaaz: which will allow much quicker data transfer. Ejaaz: That's much cheaper, much more cost efficient. And you can end up making more Ejaaz: money on the inference or the training compute that you provide.

Ejaaz: That's another, it's very infrastructure heavy is the point that I'm making. Ejaaz: So he's invested in those companies and invested in them at the power level Ejaaz: as well. And I think, you know, it's very unsexy to say and talk about, Ejaaz: but that is inevitably where the money is falling right now, in my opinion. Josh: Yeah, the copper thing was interesting for me because I learned how critical Josh: copper has been recently.

Josh: For a lot of the close data transfer, copper is the only material that anybody wants. Josh: And the only time you stop using copper is when it becomes unviable.

Josh: When you have to transfer data over too long of a distance, or like you mentioned, Josh: it gets too hot that's when you switch over to fiber but the combination of Josh: these two seems to be all that anybody wants so it's been interesting watching the copper trade Josh: as well even though leopold's not really invested in oh yeah you got the copper Josh: futures pulled up copper if you go to that one-year chart it's probably looking Josh: pretty strong yeah it's like a very strong

Josh: commodity here because everyone needs it that is the the single most important Josh: critical element when transferring high bandwidth data over a very short distance Josh: but fiber is the next one so that's been an interesting thing to watch play Josh: out i think the materials play is always interesting that is the the base of Josh: all base layers is like what is the core material that goes in in order to get intelligence out

Josh: copper's one of them of course lithium there's a whole bunch of them i think we Ejaaz: Need to do uh we're due for that episode material episode josh i i think we need to do this.

Josh: Um we should go down there because you know what leopold hasn't made his way Josh: down there yet and maybe we could front run him for the next rotational thesis Josh: we could go all the way down to the bottom of the stack we could go visit the Josh: copper mines see how they're making all this stuff happen Josh: but i think that is generally speaking the next rotation is from these perceived Josh: smaller bottlenecks into the real hard thing which is the hardware and building

Josh: out these large data centers Josh: And whoever's capable of building out the data centers will collect all the Josh: money. We just saw what happened with SpaceX, how much money they were able Josh: to make because of how in demand these data centers are to have them online. Josh: And anyone who's capable of spinning them up, of producing enough, Josh: of producing power GPUs. If you could create GPUs with power,

Josh: you are going to make all the money. And that's kind of where Leopold's at.

Josh: I guess in summary, we're not in a bubble. Josh: Leopold has rotated, should probably still copy trade. Is that right? Does that sound okay? Ejaaz: Yeah. Yeah, I'll admit, when I read his 13F, I was like, you're bearish the Ejaaz: most valuable company in the world that has like demand projected into 2029. Ejaaz: Like that is the worst take ever.

Ejaaz: And now I see this raise and I'm like, wow, if Nvidia continues to raise external Ejaaz: debt, sell equity potentially in the future, if this trend continues, Ejaaz: Leopold might be right again. Ejaaz: And his portfolio will eclipse the best traders and the best investment funds in the world. Ejaaz: I don't know, the guy keeps winning and it's very impressive to see. Josh: Yeah. So, I mean, here's the thing is he's never needed to sell anything.

Josh: Dude's just been long only his whole life. So we'll see how, Josh: like you talk about, we talked about Bill Ackman earlier in this episode and Josh: dude's been around for 30 years and turns out being around for 30 years is actually Josh: harder than making like a 30X. Josh: If you can actually sustain this growth, if you can learn how to push the sell Josh: button, learn how to kind of hedge against risk, we're starting to see that.

Josh: I mean, those $9 billion in shorts, he's not actually exposed Josh: with $9 billion of cash sitting there short that is through options that is Josh: through some leverage so it's Josh: not a direct one-to-one short but it's fascinating to watch we will see Josh: i am going to continue copy trading the boy leopold because dude has just been Josh: correct he is just not wrong so of his entire Ejaaz: Portfolio josh what is the one stock that you'd be buying from him.

Josh: I like the energy stocks i'm a big energy guy i think no matter what even in Josh: the case that ai demand slows down energy is still very much in high demand Josh: and And the demands of it from the general world are going up only. Josh: So even in the absence of AI, we need more energy. We need more electricity. Josh: Bloom Energy, a lot of companies that are building electricity throughput, Josh: I think, are the ones that I'm most excited about because they seem to be the

Josh: most hedged. What is the singular trend that is not going to stop no matter Josh: what is our demand for energy, electricity, and power? Josh: And companies like Bloom Energy deliver on that. So that's the companies that

Josh: I'm most excited about being long in. when I invest it's on a very long time Josh: frame I don't really like to trade much so that's why and that's kind of how Josh: I think of things what about you do you have any favorites Ejaaz: I uh this is a cheat answer but it's wherever the intersection of what Jensen's Ejaaz: investing in and whatever Leopold is investing in so the company that I'm like, Ejaaz: copy trading is Marvel, which isn't something that Leopold currently owns,

Ejaaz: but it does sit very firmly in his optical fiber and power investment bet. Ejaaz: And it's the one that Jensen put $1.5 billion behind. I've just noted that whatever Ejaaz: Jensen invests in via NVIDIA, whether it's Intel, CoreWeave, Ejaaz: or whatever it is, has just gone up only. Ejaaz: And so that's currently where I'm at right now. I own some CoreWeave as well, Ejaaz: which both Jensen and Leopold have been extremely bullish.

Josh: Home so dude marvel up 270 in six months i think this is a good pro tip when Josh: people like jensen when people like trump they say go buy this stock Josh: you should probably go buy it it's paid off in pretty big ways like intel is Josh: up how many multiples from the time he bought it marvel is up how many multiples Josh: from jensen it's like these guys know what they're talking about or at least

Josh: they have the ability to influence the outcomes of these companies and in that sense Josh: it has been a very wild ride i hope it continues Josh: i hope this keeps going it seems like it's probable to keep going Josh: i think we're all still long we're all still pretty optimistic and excited and Josh: we'll just continue to evaluate day by day Josh: coming up next is a spacex episode which i think we're very excited about spacex

Josh: has been the biggest ipo ever they just closed their deal with cursor and there are a lot of new updates Josh: and interesting takes i believe on how to navigate this ipo how the unlock schedule Josh: is going to work where all the shares are and and how this is going to play Josh: out over the next six months i think is something a lot of people may be interested Josh: so that one's coming up next Josh: any final thoughts before we wrap up here on leopold portfolio update

Ejaaz: I'm curious about the skeptics that are listening to this that think that everything Ejaaz: we've just said is incorrect and might potentially be wrong um tell us where Ejaaz: we're wrong like i'm genuinely curious like i've i stared at the 25 billion, Ejaaz: nvidia raised news yesterday and i was like i want to hate on this but, Ejaaz: Look at it, looking at it financially, this seems like a sound thing.

Ejaaz: Like, why wouldn't you raise debt, like risk-free money? Like that makes complete Ejaaz: sense. Like borrow other people's money and spend that versus like selling your Ejaaz: own equity. Obviously that makes sense. Keep more equity, earn more money in the future.

Ejaaz: But if there's something that we're missing, if there's a pattern that you're Ejaaz: seeing that we aren't seeing, that we haven't spoken about, leave us a comment, Ejaaz: DM us, do whatever you can to get in contact with us. Ejaaz: And then if you'll listen to this as well, and if you enjoyed this episode, Ejaaz: if you're one of the majority that enjoyed this episode, please make sure you're Ejaaz: subscribed to us. Turn on notifications if it's on YouTube. It helps us out massively.

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Ejaaz: that's going on with AI. And with that, I believe the episode's over. It's done. Josh: That's it. Well, thank you all so much for watching. And yeah, let us know. Josh: Share with your friends if you enjoyed this episode leave a comment and yeah Josh: I think that's everything so thank you so much for watching as always and we Josh: will see you in the next one Ejaaz: See you guys.