How hedge funds are reading the AI markets.

Leopold Aschenbrenner's $5.5B fund is the purest AI-infrastructure bet on EDGAR. For each name in his Q4 2025 book, we counted how many of our other active filers hold it and how the aggregate dollars moved.

Buying in fast: SNDK, INTC, LITE, CRWV, TSEM. These are the semiconductor and optical-networking names where 12+ active filers concur and Q1 dollars are up double digits.

Warming up: BW, HUT, PUMP, CLSK. The cleanest "bitcoin miner pivots to AI neocloud" names, small bases but each quarter brings new institutional buyers.

Still alone: KRC, PSIX, RIOT, BTDR, EQT. Pure-play crypto miners and deep-cut energy names. Either the rest of the street disagrees, or Leopold is early.

Net flows across our filer universe for the AI book, Q4 2025 to Q1 2026. The picks-and-shovels names led: NVDA, AAPL, AMZN, GOOG.

Biggest add was NVDA (+$187.2B), held by 36 of our filers. Biggest cut was PSIX (−$6M).

Coatue's AI book in early 2023 was the obvious longs: NVDA, MSFT, META, TSLA, LRCX. Their NVDA position has been trimmed actively while the stock climbed. The names they added since are dateable.

• Q3 2023VRT$430M$246M
• Q4 2023AAPL$471M$471M
• Q1 2024AVGO$552M$1.7B
• Q1 2024CEG$379M$1.3B
• Q1 2024DELL$482M$1.0B
• Q1 2024QCOM$620M$209M
• Q1 2024VST$224M$409M
• Q4 2024SMCI$270M$304M

The thesis crystallized in Q2 2023 when Eaton and Equinix entered, six to nine months before mainstream coverage discovered the AI power bottleneck. ASML was the newest addition in Q1 2026.

For each fund and ticker, we computed the correlation between quarterly position changes and insider net flow in that same quarter. We required at least 30 paired observations per fund.

Renaissance at +0.36 is the most insider-aligned. ARK at +0.24 is the surprise, since they are a pure-quant shop.

At the bottom, Whale Rock at -0.27 systematically buys when insiders sell. The passive giants cluster near zero, as expected.

Magnetar Financial structured chunks of CoreWeave's pre-IPO debt. Since the unlock window opened, they have sold $5.6B across 1,715 transactions between 2025-08 and 2026-05.

Our 13F universe now holds $5.5B of CRWV across 26 filers, a near-mirror of what Magnetar sold. But 77% of that institutional book sits in passive index funds, who had to buy once CRWV joined the indexes.

Active conviction is much narrower: Altimeter $349M, Fidelity $251M, ARK $197M, Viking $108M. The unlock is going to index plumbing, not to discretionary capital betting on the name.

From 2023 through 2025, Berkshire's 13F shows zero AI or datacenter names. Their only prior AI holding was Taiwan Semiconductor, held briefly in Q3 and Q4 2022 and sold before any of NVDA's 5x run.

Then in Q1 2026 they opened a position in Alphabet worth roughly $1.0B. The most respected value investor on Earth sat out the entire cycle, then bought the cheapest of the megacap AI names.