New 13F Filings: Leopold's Ghost Portfolio and The Shifting AI Trade

August 18, 2026

AI Summary

5 min read

New 13F Filings: Leopold's Ghost Portfolio and The Shifting AI Trade

The most anticipated 13F filing this quarter belonged to a fund manager who no longer exists. Leopold Ash, the Wall Street darling who was liquidated in spectacular fashion, left behind a snapshot of exactly what blew him up: a portfolio that was 28.5% Sandisk, 28% Micron, 9.5% Blue Energy, plus positions in TSMC, Nebius, CoreWeave, and several other neo-cloud companies. Together, memory stocks accounted for over half his book. He was using leverage. The thesis was correct — AI infrastructure demand, particularly memory, remains robust — but the position sizing and leverage were fatal. Bloomberg later reported he now holds a casual $500 million to $1 billion open equity position, with the bulk of his remaining wealth in his Anthropic stake. As one host put it: "He was two of 11 months. That's the tragic part."

The Memory Thesis Survives

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What you'll learn

1 (00:00) **13F Filings Overview and Leopold's Ghost Portfolio** - The hosts introduce the episode's topic: the quarterly 13F filings from major investors, revealing over $200 billion in AI-related investments.
2 (01:31) **Leopold's Final Portfolio: A Post-Mortem** - The hosts analyze the late Leopold's final 13F filing, revealing his concentrated bets that led to his liquidation.
3 (02:52) **The Memory Thesis Remains Strong** - Despite Leopold's blow-up, the hosts argue the memory investment thesis is still alive and well, citing recent developments.
4 (05:02) **Berkshire Hathaway's New Era: Greg Abel's Big Bet on Google** - The hosts discuss Berkshire Hathaway's 13F, noting the shift in leadership and a surprising new major position.
5 (08:51) **The Hyper-Scaler Consensus: Amazon and Google are the Biggest Winners** - The hosts identify a clear consensus among top investors: everyone loves the hyper-scalers, particularly Amazon and Google.
6 (10:23) **The Forward-Looking Portfolio: Brad Gerstner and Gavin Baker** - The hosts examine the portfolios of "forward-looking" investors like Brad Gerstner and Gavin Baker, who are taking higher-risk bets on the AI infrastructure layer.
7 (11:38) **The Power and Optics Trade: The New AI Infrastructure Layer** - The hosts explain the emerging investment theme in power and photonics, which is critical for powering and connecting massive GPU clusters.

+ Full timestamped outline available in the app

Guests on this episode

Gavin Baker Brad Gerstner Warren Buffett Greg Abel Jensen Huang

Show Notes

Today we review major 13F filings and what they show about positioning across the AI stack, including memory, chips, power, and infrastructure. We highlight concentrated bets in names like SanDisk, Micron, and Alphabet, along with broader exposure to NVIDIA, TSMC, SpaceX, and related infrastructure plays.

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TIMESTAMPS

0:00 AI Money Stacks
2:51 Memory Theses
5:02 Buffett Bets on Google
10:19 The Infrastructure Layer
19:48 Payments and AI Rails
21:21 Consensus Winners Emerge
24:53 Power, Memory, Neoclouds
27:10 Closing

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RESOURCES

Josh: https://x.com/JoshKale

Ejaaz: https://x.com/cryptopunk7213

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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures⁠

Josh works with Anthropic as a contractor. All views expressed are his own and do not represent Anthropic, its leadership, or its affiliates. Nothing in this episode is investment advice.