Aschenbrenner's bet.
Leopold Aschenbrenner's Situational Awareness fund opened roughly $8.4 billion in notional semiconductor put positions in Q1 2026 — none of which existed in his Q4 2025 filing. The long stock book remains concentrated in the picks-and-shovels of the AI build-out: power, memory, GPU clouds, and physical data center capacity. He is also running call options on specific names at the same time as his puts.
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Puts
$8.4BShort book against the semiconductor index and the leaders. None of these positions existed in Q4 2025.
Longs
—Long stock book — electricity, memory, compute, and physical data center capacity. The same thesis that made Aschenbrenner one of the best performing fund managers in the world.
Calls
—Call options layered on top of the puts — this is not a blanket bet against semiconductors.
Latest in the thesis
All insights →Position sizes from the Situational Awareness LP Q1 2026 13F filing · live quotes refresh every 6h ·