Quick overview of the latest layout of the 24-year-old "AI stock god": 60% position to hedge against the downturn in semiconductors.

Original | Odaily Star Daily (@OdailyChina)

Author | Azuma (@azuma_eth)

No confidentiality application! Nor a complete sell-off! The newly anointed "AI Stock God" Leopold Aschenbrenner's fund Situational Awareness LP officially disclosed its 13F filing this evening.

Odaily note: For details about Leopold Aschenbrenner's personal story, see "SBF's little brother turned 2.25 billion into 5.5 billion in a year".

This means that our first assumption in "the answer will be revealed today, the whole network is on the lookout for the 24-year-old 'AI stock god'" this morning is indeed the case. Situational Awareness LP only completed its submission late on May 15, which caused the SEC to fail to promptly publish the document on its official site that day, leading the market to endure another weekend until the SEC resumed operations this Monday to finally see the fund's position disclosure.

According to this latest 13F filing, as of March 31, 2026, the nominal value of Situational Awareness LP's holdings has risen to 13.7 billion dollars, more than doubling from 5.52 billion dollars on December 31 last year (148%).

Odaily note: It is important to note that in the statistics of the US stock 13F filings, the market value of option assets typically reflects the “notional value” of the underlying stocks, rather than the actual premium cost paid for the options by the fund. This means that while the fund has constructed a several billion dollar nominal asset hedge for semiconductors, its actual cash cost (maximum loss) is much smaller, representing a typical high-leverage macro hedge.

In addition, in this quarter, net inflows to Situational Awareness LP accounted for 32.51% of the fund's total holdings, indicating that the explosive growth of the fund's size is not only due to the appreciation of the portfolio but also a significant influx of external new funds (i.e., new capital injection).

Crazy Adjustments

The document also shows that Situational Awareness LP conducted extensive adjustments in its portfolio in the first quarter of this year.

New Purchases: 23 stocks (including options);
Added To: 9 stocks;
Sold out of: 10 stocks (including options);
Reduced holdings in: 4 stocks (including options).

New Purchases: 60% Position Hedging Semiconductor Downside

Odaily note: The above image only covers new stocks worth over 100 million dollars; all 23 new stocks can be viewed by clicking on the " link".

First, let's examine the new purchases, which is the most shocking information in Situational Awareness LP's entire 13F report — the fund systematically hedged risks against the AI semiconductor and compute hardware sector through large-scale put options in the first quarter.

Looking directly at the data:

SMH PUT (VanEck Semiconductor Core ETF put options): 14.94% (market value of 2.04 billion dollars) — the largest new position;
NVDA PUT (Nvidia put options): 11.47% (market value of 1.56 billion dollars) — the second largest new position;
ORCL PUT (Oracle put options): 7.84%;
AVGO PUT (Broadcom put options): 7.36%;
AMD PUT (AMD put options): 7.09%;

The aforementioned top five put option holdings alone account for 48.7% of Situational Awareness LP's total nominal holdings of 13.7 billion dollars. If we include the put options for Micron (MU), TSMC (TSM), ASML, and Intel (INTC), the fund has over 60% of its nominal positions betting on or hedging against a decline or severe turbulence in core AI hardware stocks.

Additionally, it is worth noting that Situational Awareness LP bought both call and put options for the same stock; for example, while buying Micron put options (MU PUT, 4.27%), it also purchased MU CALL (3.09%), and while buying TSMC put options (TSM PUT, 3.91%), it also bought TSM CALL (2.59%).

This is a commonly used dual-direction betting strategy by hedge funds. It indicates that the fund believes that Micron (memory chips) and TSMC (foundry) may experience substantial price fluctuations far exceeding market expectations due to geopolitical issues or extreme supply-demand imbalances in their upcoming financial reports or industry cycles — as long as the one-sided volatility is significant enough, both sides can profit.

Added to: Still in Love with SanDisk and CRWV

As for adding positions, Situational Awareness LP chose not to use options but instead increased holdings in 9 stocks in the form of common shares.

In the first quarter, Situational Awareness LP slightly increased its holdings of SanDisk (SNDK) by 85,000 shares, reaching a total holding of 1.14 million shares, with a market value of 724 million dollars, accounting for 5.30% of the entire portfolio. This is one of the very few heavy-weight stocks in Situational Awareness LP's holdings that exists entirely in the form of common shares.

Another major action worth noting is that Situational Awareness LP significantly increased its holdings in CoreWeave (CRWV) by over 1.07 million shares, pushing the holding value to 556 million dollars, accounting for 4.07%. CoreWeave is currently one of the most prominent infrastructure companies in the AI GPU cloud service sector and an important partner in the Nvidia ecosystem. After its IPO, Situational Awareness LP quickly included it into its core positions and aggressively increased its holdings, reflecting that while the fund has shorted Nvidia's short-term valuation (PUT), it still has a strong bullish outlook on the cloud giants directly converting GPUs into compute power for various models.

Moreover, Situational Awareness LP also added to its positions in KEEL, IREN, APLD, RIOT, CLSK, BTDR, and other computing or power infrastructure companies, continuing the logic promoted by Leopold Aschenbrenner that "Power is the oil of the new era."

Sold Out: Unloaded Intel Call Leverage, Exited Optical Communications

In terms of sell-offs, the largest action by Situational Awareness LP was to completely unload the leverage of Intel call options (INTC CALL). In the previous disclosure period, Situational Awareness LP had bet over 13% of its positions on Intel's call options (with up to 20.23 million option contracts), representing a highly leveraged directional bet. This quarter, it completely sold out, opting to continue holding the stock in common form (0.07%), but the position is minimal.

Additionally, Situational Awareness LP completely sold out LITE (previously weighted at 8.68%) and COHR (previously weighted at 1.61%) in the first quarter. Both LITE and COHR are global leaders in optical communication chips and optical transceivers. This divestment means Situational Awareness LP is exiting the AI optical module/network hardware sector.

In the first quarter, Situational Awareness LP also sold out CIFR (previously weighted at 2.80%) and HUT (previously weighted at 0.72%), both of which are cryptocurrency mining companies (including the later mentioned CORZ reduction). Given the increase in positions in similar companies like RIOT, CLSK, BTDR, this may just be a routine adjustment.

Reduced: Profiting from Bloom Energy

Finally, in the reduction section, Bloom Energy (BE) was previously disclosed as the largest holding in Situational Awareness LP's last 13F filing, with the fund reducing its holdings by 3.59 million shares, causing the position percentage to plummet from 15.87% in the last quarter to 6.42%.

Bloom Energy specializes in solid oxide fuel cell technology and is a core player in providing "on-site power" for data centers, bypassing traditional grids. Considering that the retained position is still substantial, this reduction operation does not imply that Situational Awareness LP no longer favors the company; it is more likely a routine profit-taking action.

CoreWeave's call options (CRWV CALL) are the second largest reduction for Situational Awareness LP (position percentage dropped from 14.04% to 1.03%); it was mentioned earlier that the fund has switched to holding CRWV in common stock form, making this more a debt reduction maneuver.

Situational Awareness LP also reduced its position in Core Scientific (CORZ) by 2.74 million shares, dropping from 7.59% to 2.84%. CORZ is a leading company transitioning from Bitcoin mining to AI compute hosting, but considering Situational Awareness LP has increased positions in other similarly transitioning companies that have more cost-effective valuations this quarter, reducing CORZ seems more like a partial profit-taking action.

What is the "AI Stock God" Thinking?

If we only consider the surface data of this 13F, many might reach a simple and blunt conclusion — Leopold Aschenbrenner, who once shouted about achieving AGI by 2027, has now turned bearish on AI.

But the true situation is clearly not that simple. Within the position structure of Situational Awareness LP, there seem to be two seemingly contradictory yet highly unified main lines.

On one hand, there is an extreme vigilance regarding the short-term valuation bubble on the "chip end." Situational Awareness LP has built an astonishing nominal position in PUT (put options), essentially having "bought a crash insurance" for Nvidia, Broadcom, and the entire AI semiconductor industry chain;
On the other hand, there is an almost obsessive optimism about the long-term infrastructure demand for AI. Whether it’s CoreWeave, Bloom Energy, or a series of companies related to power, transformers, and data centers, they essentially point to the same deterministic logic — the compute power war of AI has entered deep waters.

This may also be Situational Awareness LP's current core judgment. In the future, what will truly be scarce may not be the GPU chips themselves, but the energy, power systems, and data center infrastructure that support the continuous operation of these GPUs. GPUs can continue to expand production, and advanced processes will also gradually ascend, but the megawatt-level power supply capacity, transformers, transmission systems, and large-scale data center construction cycles are considerably challenging to replicate simultaneously in a short time. Compared to the “selling shovels” logic that has already been fully priced by the market, Leopold Aschenbrenner seems to be more concerned about where the real bottlenecks in the AI industry may arise in the next phase.

This also explains why Situational Awareness LP is simultaneously buying large amounts of semiconductor put options to hedge the severe volatility risks in the AI hardware sector while continuing to heavily invest in GPU cloud services, power, and compute infrastructure assets.

In a certain sense, this 13F is less a simple disclosure of holdings and more like Leopold Aschenbrenner’s route judgment on the evolutionary direction of the next stage in the AI industry chain.

When a genius investor who rapidly gained fame for going all-in on AI starts to lay out nominal positions worth billions of dollars to purchase insurance for the AI sector, it at least indicates one thing — even the most steadfast AI bulls of this era have begun to take volatility itself seriously.

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