Q2 value · Leopold Aschenbrenner
Aschenbrenner built memory and storage into his top two positions in Q2, exited Oracle and Broadcom
Changes
16
5 NEW · 4 ADD · 3 TRIM · 4 DROP
Top-5 concentration
68.6%
SNDK 28.0%
SSI's Leopold Aschenbrenner made a pure bet on the AI memory/storage bottleneck in Q2. SNDK went to #1 at $5.67B (28% of AUM) on +307.8% share adds; MU went to #2 at $5.57B (27.5%) built almost from scratch (+27,712% shares). New: NBIS (Nebius AI cloud) $1.23B / 6.1%, STM $584M, and a small CBRS (Cerebras) pilot. Exited: ORCL ($1.07B in Q1) and AVGO ($1.01B). CRWV added +312% shares. AI-related holdings total $19.9B across 18 names (98% of AUM).
New positions
3| Ticker | Company | | Value | Shares | % of book |
|---|
| NBIS | Nebius Group | AI cloud | $1.2B | 4.5M shares | 6.1% |
| STM | STMicroelectronics | AI silicon | $584.3M | 7.8M shares | 2.9% |
| CBRS | Cerebras Systems Inc | AI silicon | $2.2M | 10K shares | 0.0% |