AI Hedge Fund Situational Awareness Builds 5.8% Stake in Core Scientific

Situational Awareness, the hedge fund founded by 23-year-old AI influencer and former OpenAI researcher Leopold Aschenbrenner, has amassed a substantial position in Core Scientific.

According to a regulatory filing on Tuesday, the San Francisco-based firm disclosed the purchase of 17.7 million shares in the bitcoin mining and data center operator, giving it a 5.8% ownership stake. The fund loaded up on Core shares between July 18 and August 13.

In the filing, the fund said it acquired the shares because it viewed them as undervalued and an attractive investment opportunity. The fund added that it may increase or reduce its holdings depending on market conditions, Core’s performance, or broader industry dynamics.

The move highlights Core Scientific’s growing profile among investors who see the company not just as a cryptocurrency miner but also as a potential beneficiary of rising demand for high-performance computing infrastructure. Core, which emerged from bankruptcy last year, has pivoted toward hosting artificial intelligence workloads alongside its bitcoin mining business.

For Aschenbrenner, the bet fits into a broader strategy of positioning Situational Awareness in companies tied to AI infrastructure and energy supply chains. His hedge fund, launched last year after he gained attention with a 165-page essay on the risks and promise of artificial superintelligence, quickly raised more than $1.5 billion despite his lack of professional investing experience, according to a news report earlier this month by the Wall Street Journal.

Backed by high-profile tech investors including Stripe founders Patrick and John Collison, and former GitHub CEO Nat Friedman, Aschenbrenner has pitched Situational Awareness as a “brain trust on AI.” The firm has posted early returns of 47% after fees in the first half of this year, far outpacing both the S&P 500 and most tech-focused hedge funds, the WSJ report said.

Aschenbrenner has said he intends to make concentrated bets on companies that stand to gain from AI’s rapid adoption—such as chipmakers, data center operators, and power providers—while shorting industries at risk of being displaced.