- 01 Situational Awareness LP, the hedge fund run by 25-year-old former OpenAI researcher Leopold Aschenbrenner, shows a $13.68 billion portfolio per its May 13F-HR (the SEC form U.S. institutional managers use to disclose their stock holdings 45 days after each quarter end), built around one paired trade: $8.5 billion in put options (contracts that profit when the underlying stock falls) betting against semiconductor stocks, layered on top of $3.9 billion in AI power and Bitcoin mining longs.
- 02 The portfolio grew from $5.52 billion to $13.68 billion in a single quarter, roughly 2.5 times larger, driven almost entirely by new semiconductor put options.
- 03 The top 5 stakes hold about 49 percent of the portfolio: VanEck Semiconductor ETF puts at $2.04 billion, Nvidia puts at $1.57 billion, Oracle puts at $1.07 billion, Broadcom puts at $1.01 billion, and AMD puts at $969 million.
- 04 Every put targets the chip sector while every long runs through fuel cells (devices that generate electricity on-site), GPU rentals, flash storage, and Bitcoin mining campuses converting to AI hosting.
- 05 The Q2 2026 13F due by August 14 will show whether Aschenbrenner held the semiconductor put overlay or started unwinding, and whether the Bitcoin mining stakes grew past $100 million into core holdings.
How Situational Awareness Moved Last Quarter
Here is what Situational Awareness LP did with the portfolio last quarter, grouped by the kind of move. Share count change reflects the manager’s decision. Value change also reflects where the stock price went.
| Position | Share Change | Value |
|---|---|---|
| New Buys | ||
| VanEck Semiconductor ETF (Puts)Tracks the 25 largest U.S. chip companies | New | $2.04B |
| Nvidia (Puts)Designs GPU chips that train and run AI models | New | $1.57B |
| Oracle (Puts)Runs enterprise cloud infrastructure for AI workloads | New | $1.07B |
| Broadcom (Puts)Makes networking chips and custom AI accelerators | New | $1.01B |
| AMD (Puts)Nvidia’s closest competitor in AI training chips | New | $969M |
| Micron Technology (Puts)Makes memory chips for data centers and AI | New | $584M |
| Taiwan Semiconductor (Puts)Fabricates chips for Nvidia, AMD, and Apple | New | $535M |
| ASML (Puts)Makes lithography machines for advanced chipmaking | New | $494M |
| Micron Technology (Calls)Makes memory chips for data centers and AI | New | $422M |
| SanDisk (Calls)Flash memory and solid-state storage manufacturer | New | $389M |
| Taiwan Semiconductor (Calls)Fabricates chips for Nvidia, AMD, and Apple | New | $355M |
| Intel (Puts)Chip company building a foundry to rival TSMC | New | $159M |
| T1 EnergySolar tracking systems for utility-scale projects | New | $44M |
| Corning (Puts)Optical fiber and glass for data center networks | New | $21M |
| AMD (Shares)Nvidia’s closest competitor in AI training chips | New | $20M |
| SharonAI HoldingsAI-focused technology company | New | $18M |
| VanEck Semiconductor ETF (Shares)Tracks the 25 largest U.S. chip companies | New | $10M |
| Intel (Shares)Chip company building a foundry to rival TSMC | New | $9M |
| Taiwan Semiconductor (Shares)Fabricates chips for Nvidia, AMD, and Apple | New | $8M |
| HIVE Digital TechnologiesBitcoin miner and AI data center operator | New | $6M |
| ASML (Shares)Makes lithography machines for advanced chipmaking | New | $6M |
| Micron Technology (Shares)Makes memory chips for data centers and AI | New | $6M |
| Corning (Shares)Optical fiber and glass for data center networks | New | $1M |
| Nvidia (Shares)Designs GPU chips that train and run AI models | New | $1M |
| Largest Holdings Now (49% of portfolio) | ||
| VanEck Semiconductor ETF (Puts)Tracks the 25 largest U.S. chip companies | $2.04B | |
| Nvidia (Puts)Designs GPU chips that train and run AI models | $1.57B | |
| Oracle (Puts)Runs enterprise cloud infrastructure for AI workloads | $1.07B | |
| Broadcom (Puts)Makes networking chips and custom AI accelerators | $1.01B | |
| AMD (Puts)Nvidia’s closest competitor in AI training chips | $969M | |
| Added To | ||
| CleanSparkBitcoin miner focused on low-cost energy | +648% | $104M |
| BitfarmsBitcoin miner in North and South America | +188% | $39M |
| Bitdeer TechnologiesBitcoin mining and custom chip design company | +92% | $30M |
| Riot PlatformsBitcoin miner with large-scale power sites | +86% | $142M |
| IRENBitcoin miner converting campuses to AI hosting | +34% | $401M |
| Applied DigitalBuilds and runs data centers for AI workloads | +19% | $320M |
| CoreWeave (Shares)Rents GPU computing power to AI companies | +18% | $556M |
| SanDisk (Shares)Flash memory and solid-state storage manufacturer | +8% | $724M |
| Cut Back | ||
| CoreWeave (Calls)Rents GPU computing power to AI companies | -83% | $141M |
| Solaris EnergyBuilds power systems for industrial sites | -41% | $62M |
| Bloom Energy (Shares)Fuel-cell maker powering data centers off the grid | -36% | $879M |
| Core ScientificBitcoin miner repurposing sites for AI computing | -10% | $389M |
| Exited | ||
| Intel (Calls)Chip company building a foundry to rival TSMC | $747M | |
| LumentumOptical and photonic products for networks | $479M | |
| Cipher MiningBitcoin miner in Texas | $155M | |
| EQT Corp (Shares)Natural gas producer powering the eastern U.S. | $133M | |
| CoherentOptical transceivers and laser components maker | $89M | |
| Tower SemiconductorSpecialty analog chip foundry | $85M | |
| Kilroy RealtyWest Coast office and life science real estate | $50M | |
| Hut 8Bitcoin miner and data center operator | $40M | |
| EQT Corp (Calls)Natural gas producer powering the eastern U.S. | $38M | |
| Liberty EnergyOilfield services and power equipment | $11M | |
What to watch
1. Situational Awareness LP’s Q2 2026 13F is due by August 14, 2026. It will show whether Aschenbrenner held the $8.5 billion semiconductor put overlay through the quarter or began closing it as chip stocks moved.
2. The fund reversed its Intel bet from $747 million in calls (contracts giving the right to buy shares at a set price) to $159 million in puts in one quarter. The next filing will show whether this was a one-off trade or the start of a broader long-to-short shift.
3. Bitcoin miners IREN, Riot, and CleanSpark all grew more than 80 percent in share count as they convert mining campuses to AI hosting. The August question: whether any cracked the top five alongside the put overlay.
Verified as of May 19, 2026.
Primary Filings & Announcements
SEC EDGAR: Situational Awareness LP 13F-HR Information Table (Q1 2026, filed May 18, 2026)
SEC EDGAR: 13F-HR Filing Index, Accession 0002045724-26-000008
SEC EDGAR: Situational Awareness LP CIK 0002045724 Full 13F Filing History
Market Coverage
Yahoo Finance: VanEck Semiconductor ETF (SMH) Quote and Performance
Yahoo Finance: Nvidia (NVDA) Quote and Performance
Yahoo Finance: Bloom Energy (BE) Quote and Performance
Background & Analysis
SEC EDGAR: Situational Awareness LP Full Filing History (all forms)
SEC EDGAR: Situational Awareness LP Q4 2025 13F-HR (prior quarter comparison)