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AI Bets Shift: Nvidia Shorted, Miners Stacked
16 Jun
Summary
- Researcher Aschenbrenner bet $8.5 billion against Nvidia.
- Miners pivoting to AI, like HIVE Digital, saw significant investment.
- The strategy bets AI premium will move from chips to infrastructure.
In a surprising move, former OpenAI researcher Leopold Aschenbrenner has positioned his fund to profit from a downturn in major AI chipmakers, notably Nvidia. His Q1 2026 filings reveal approximately $8.5 billion in put options against Nvidia, alongside bearish positions on Broadcom, Oracle, AMD, and Taiwan Semiconductor. This bold strategy reflects a belief that the AI premium will migrate from the costly chip manufacturing layer to the essential power and infrastructure components that support AI development.
Concurrently, Aschenbrenner's fund substantially increased its investment in Bitcoin miners strategically shifting towards AI-related high-performance computing (HPC). HIVE Digital Technologies, which runs data centers across Canada, Sweden, and Paraguay, saw a new position established. This investment aligns with the thesis that the infrastructure layer, including miners providing computing power, presents a more attractive valuation compared to the current premium on AI chips. HIVE's AI subsidiary, BUZZ AI, reported significant revenue growth in FY 2026, with long-term targets for both Bitcoin mining and HPC revenue.
