Leopold Aschenbrenner's Situational Awareness Fund Bought Bloom Energy Stock Before a 176% Run. Here Is the Artificial Intelligence (AI) Stock He Owns That I Think Will Go Parabolic Next.

Situational Awareness LP disclosed a major AI-driven bet in Bloom Energy, with 10.1 million shares worth $875 million plus 408,500 call options at quarter-end, and the stake has roughly tripled in value as Bloom rose to $290.81 by May 1. The fund also bought 20.2 million Intel call options in Q1 2025, reflecting a bullish view on AI infrastructure, compute, and foundry demand. The article is largely an investor thesis piece, but it highlights meaningful positioning in AI beneficiaries and could reinforce positive sentiment toward Bloom and Intel.

Analysis

The key market signal is not “AI is bullish” but that the bottleneck has shifted from model capability to physical throughput: power, packaging, and domestic supply assurance. That re-rates the entire AI stack toward suppliers of shovels, not just GPUs, and explains why names tied to grid avoidance and infrastructure acceleration can outrun the obvious semis even after large moves. The second-order winner set broadens to industrial electrification, gas handling, and advanced manufacturing equipment, while the laggards are exposed as pure compute beneficiaries with less pricing power if power and deployment constraints bind.

Bloom’s run suggests the market is now willing to pay for time-to-power optionality, not just long-run energy economics. That is important because the next leg of demand is likely to come from inference and agentic workloads, which are more distributed and latency-sensitive than training, favoring on-site or hybrid generation solutions over traditional utility expansion cycles. If this thesis holds, the trade is less about one company and more about a multi-quarter capex supercycle in behind-the-meter power and grid bottleneck mitigation.

Intel is the more interesting contrarian setup: the bull case is not a comeback in PCs but a strategic monetization of domestic capacity as hyperscalers diversify supply chains and design for inference-heavy workloads. The market is still skeptical because execution risk is high, but that skepticism also leaves room for outsized multiple expansion if foundry utilization and AI-related design wins keep compounding over the next 2-4 quarters. The risk is that partnership headlines outrun revenue conversion; if that happens, the stock can mean-revert quickly despite thematic strength.

Consensus may be underestimating how much of the AI value chain gets localized onshore if power scarcity, export controls, and resilience concerns persist. In that world, domestic foundry, advanced packaging, and power generation assets become structurally more valuable than pure software narratives, while NVIDIA/AMD/Broadcom remain exposed to any slowdown in hyperscaler capex cadence. The biggest reversal risk is a capex digestion phase or a rapid easing of power constraints, which would compress the premium on bottleneck plays first.

Key Decisions for Investors

• Long BE on any 5-8% pullback over the next 2-6 weeks; use a staggered entry because the stock is already pricing in momentum, but the secular power-bottleneck thesis still supports a multi-quarter rerating.
• Initiate a 3-6 month call spread in INTC rather than outright stock if you want convexity with defined downside; the setup is best suited to a catalyst-driven move if foundry/AI traction continues into the next two earnings prints.
• Pair trade: long INTC / short a basket of NVDA-ecosystem beneficiaries with lower direct infrastructure leverage (e.g. short AVGO or AMD against a smaller long INTC leg) for a relative-value expression on localization and domestic capacity.
• If seeking cleaner thematic exposure, own a basket of BE + INTC as a hedge against a pure GPU-capex trade; this shifts exposure toward the infrastructure constraint that is likely to matter over the next 6-12 months.
• Trim or hedge BE if the stock gaps another 15-20% on narrative alone without matching order-flow confirmation; that’s where the risk/reward starts to depend more on sentiment than fundamentals.