Leopold Aschenbrenner, the son of the "version", holds the latest 13F position and short $8.5 billion in semiconductors In Q1 of 2026, the fund size grew to 13.68 billion US dollars, the number of holdings increased from 29 to 42, and the turnover rate reached 63.46%. For the first time, it transitioned to a net short structure, with short positions exceeding 60%. Large scale short selling of crowded semiconductor trading, while increasing investment in infrastructure assets such as power, data centers, and mining companies. Combination performance The disclosed position caliber YTD return is about+39.45%, while the SPY for the same period is about+8.4%. Partial tracking data shows that the YTD return of the 13F combination is about+147.9%, and the AUM has reportedly exceeded $20 billion. Position performance (as of mid June 2026) Strong performance across multiple platforms: CLSK YTD +70.4%，IREN YTD +58.8%， RIOT, APLD, CORZ and other mining companies generally rose by 50% -80%, while SNDK's market value increased by 189%, NBIS (Nebius) has become a new core position, receiving strategic investment from NVIDIA and being included in the Nasdaq 100. Short selling side temporarily under pressure: NVDA YTD is approximately+13%, while SMH maintains positive returns. However, the $8.5 billion PUT disclosed by 13F is in nominal value, and the actual investment is much lower than this figure. Maximum Short Selling Direction (Semiconductor PUT) SMH $2.04B、NVDA $1.57B、ORCL $1.07B、AVGO $1.01B、AMD $0.97B，MU、TSM、ASML、INTC， The total nominal value of newly added semiconductor PUT is approximately 8.5 billion US dollars. The transition from CALL to PUT in INTC is one of the most clear directional switches of this quarter. Continuous increase direction (AI infrastructure bottleneck): NBIS (Nebius) costs approximately $2.6B and a new heavy warehouse will be built. Subsequently, NVIDIA received a strategic investment of $2 billion and included it in the Nasdaq 100, betting on the AI infrastructure layer rather than just the chip cycle. CoreWeave (CRWV) holds a direct stake of+17.7% and simultaneously reduces its holdings in CALL, shifting from high leverage trading to equity allocation. Significantly increase holdings in the basket of cryptocurrency mining companies, CleanSpark、Riot Platforms、APLD、IREN、Core Scientific， All significantly increased their holdings. SNDK's market value increased by 189%. Bloom Energy (BE) has reduced its holdings but still maintains significant positions. Completely withdrawn from this season: Lumentum -$479M、Cipher Mining -$155M、EQT Corp -$133M， And the remaining 6 small positions, with a total clearance of approximately $1.08B. Implicit Alpha: Anthropic's private equity position is not within 13F, with early analysis accounting for approximately 20% of the fund. AUM has increased from $225M to $20GB, driven by performance compound interest, with valuation reassessment being the core contribution. The growth of the fund itself is a thesis validation.