Leopold Aschenbrenner's 'Situational Awareness' Files 13F Quarterly Investment Disclosure

Situational Awareness LP, a $13.7B tech mega fund managed by Gen Z AI savant Leopold Aschenbrenner, has filed its 13F quarterly disclosure with the United States Securities and Exchange Commission, providing the investing public with a moment-in-time snapshot of its portfolio at the end of the first quarter of 2026.

What's the Scoop?

• Chipmaker Shorts: At the end of the first quarter, Aschenbrenner's Situational Awareness held an astonishing $8.46B worth of notional put exposure against a wide array of chipmaker stocks, including $2B of notional put exposure against the VanEck Semiconductor ETF (NASDAQ: SMH) and $1.6B of notional put exposure against AI mega cap Nvidia (NASDAQ: NVDA). Compounding on these broader bets, the fund also opened put positions against Broadcom (NASDAQ: AVGO), Oracle (NYSE: ORCL), Advanced Micro Devices (NASDAQ: AMD), Micron Technology (NASDAQ: MU), ASML Holdings (NASDAQ: ASML), Intel (NASDAQ: INTC), Corning Glass Works (NYSE: GLW), and Taiwan Semiconductor (NYSE: TSM).
• Bullish Bets: California-based biofuel company Bloom Energy (NYSE: BE) remained Aschenbrenner's largest bull bet, with Situational Awareness holding 6.5M shares worth $879M and call options to 409k shares with a notional value of $55M. The fund opened calls in memory darling Sandisk (NASAQ: SNDK) to complement its existing 1M+ common stock position, alongside calls on chipmakers Micron Technology (NASDAQ: MU) and Taiwan Semiconductor (NYSE: TSM), signaling it is making selective bets in the sector intended to monetize volatility. Further, Situational Awareness increased its positions in crypto mining/data center operators CleanSpark (NASDAQ: CLSK), Riot Platforms (NASDAQ: RIOT), Applied Digital (NASDAQ APLD), and IREN Limited (NASDAQ: IREN).
• Late Filing: Although 13F filings were due on Friday (all institutional investment managers with over $100M of securities holdings must file the disclosure with the SEC within 45 days of quarter end), Situational Awarness failed to file until this morning. Late or missed 13F filings can trigger civil penalties at the discretion of the SEC, ranging from minor fines to as much as $750k.

What's the Take?

Although much of the attention has centered on Aschenbrenner’s massive semiconductor put positions, Situational Awareness remains heavily exposed to a basket of highly volatile tech names and continues making selective bets across compute, memory, and data center infrastructure.

Still, many of the chip stocks the fund bet against have staged sharp rallies since the end of Q1 — the snapshot date captured in the filing — leaving it unknown how severely the run-up impacted net fund performance, even as some of its highest-conviction longs emerged as standout winners over the past month.