Aschenbrenner's Situational Awareness Fund Posts 176% Bloom Energy Gain and Loads Up on Intel Calls Ahead of AI Infrastructure Boom

Context Leopold Aschenbrenner’s thesis links AI expansion to looming bottlenecks in power and chip manufacturing. He argues that training large models will surge electricity demand, making on‑site generation critical, while advanced chips and domestic foundries will be essential for inference workloads.

Key Facts In Q4 2025 the fund acquired 10.1 million Bloom Energy shares worth $875 million plus 408,500 call options. By May 1 Bloom’s share price reached $290.81, implying an estimated 176% return from the entry price. During Q1 2025 the fund bought 20.2 million Intel call options. Intel’s stock has risen about 12.9% year‑to‑date, and its market cap stands near $200 billion.

What It Means Bloom’s solid‑oxide fuel cells provide modular, baseload power that can bypass congested grids, directly addressing the energy shortage Aschenbrenner predicts for AI data centers. Intel’s expanded foundry capacity and Xeon‑based AI partnerships position it to benefit from rising demand for CPUs, custom accelerators, and advanced packaging. The fund’s dual bet suggests it expects power and compute constraints to tighten simultaneously as AI scales.

Watch for upcoming quarterly earnings from Bloom Energy and Intel, as well as any new AI‑infrastructure announcements from hyperscale cloud providers that could validate the fund’s thesis.