Young and promising! bullish He is 24 years old, managing a $13.6 billion fund with a return rate of 148%. While most people are still discussing whether Nvidia has reached its peak, former OpenAI "genius teenager" Leopold Aschenbrenner just gave a lesson to the global investment community with a dazzling Q1 report card. With a scale of 13.6 billion US dollars, it has made a crazy profit of 148% since the beginning of the year, but the drawdown is only a mere 4.2%! What is this concept? This is not investing at all, it's simply picking up money accurately. What truth did this 24-year-old top lunatic, who was personally fired by Sam Altman, see through? Opening the portfolio of his fund Situational Awareness LP, I only saw four words: extreme violence. 1. Completely "blacklist" large companies and not buy a single stock! Do you think he will heavily invest in Microsoft, Google, and Amazon? Wrong! Not a single one. In the eyes of this genius, these trillion dollar giants move too slowly and carry too much burden. He even blacklisted the popular AI software stocks on the market. His logic is extremely hardcore: when all humanity is rushing towards AI for gold, it is a mediocre game to study which shovel is better, and what he wants to buy is the entire railway track leading to the gold mine. 2. The "physical bottleneck" of Soha, risking one's life on AGI His investment list only has 24 positions, highly concentrated, and even a bit desperate. He placed all his bets on the physical dead end of the AI revolution: Electricity: The endpoint of all computing power is electricity. Without electricity, AI is just a pile of scrap metal. Optical Interconnection: This is the blood vessel of data centers. Storage: easily overlooked, but it is an implicit bottleneck. 3. A prophecy: In 2027, the sky will change Leopold asserted in his previous 165 page paper that AGI (General Artificial Intelligence) will arrive in 2027-2028. In his opinion, the current computing power, electricity, and storage are simply unable to support the upcoming 'smart explosion'. So he doesn't care about short-term fluctuations at all, he's counting down in seconds, waiting to see the infrastructure collapse of the old world. This is called cognitive impairment. Ordinary retail investors are wavering around the K-line chart, while experts are calculating the production capacity of transformers and the transmission loss of optical fibers. Do you think he's trading stocks? No, he's buying tickets for the upcoming new civilization.