Aschenbrenner 13F shows $3B AI-chip bets

Leopold Aschenbrenner’s hedge fund, Situational Awareness LP, filed a Form 13F with the U.S. Securities and Exchange Commission on May 18, giving investors a quarter-end look at a portfolio built around AI infrastructure, power and selective semiconductor exposure. The filing covers positions held as of March 31, not current trades, and it showed a concentrated book with large disclosed stakes in Bloom Energy, Sandisk and CoreWeave. It also showed positions tied to Nvidia, Broadcom, AMD, Micron and Oracle, including options exposure, according to market summaries of the filing. The SEC filing date and reporting date are listed on EDGAR. ### Which holdings stood out in the filing? Bloom Energy was the largest disclosed long equity position in the portfolio at about $878.7 million, followed by Sandisk at about $724.4 million and CoreWeave at about $556.1 million, according to reporting that summarized the filing. A 13F aggregation service tracking the filing put Situational Awareness’s long stock value at about $3.86 billion and said the fund’s top three holdings accounted for more than half of the disclosed long book. (sec.gov) Micron, AMD and other semiconductor-linked names also appeared in the disclosed holdings. Finbold’s summary of the filing listed AMD and Micron among the fund’s semiconductor and AI supply-chain positions, while Yahoo Finance’s report said the fund also opened options tied to Micron and Taiwan Semiconductor. ### Was this only a bullish AI-chip portfolio? Yahoo Finance reported that the filing also showed $8.46 billion of notional put exposure against a range of chip-related names and the VanEck Semiconductor ETF. (finbold.com) That included about $2 billion of put exposure to the semiconductor ETF SMH and about $1.6 billion tied to Nvidia, along with put positions in Broadcom, Oracle, AMD, Micron, ASML, Intel, Corning and Taiwan Semiconductor. Those figures help explain why social-media discussion around the filing split between the disclosed long equity stakes and the larger options overlay. A 13F shows certain U.S.-listed equity and options positions at quarter end, but it does not provide a full real-time picture of a fund’s net exposure, hedges entered after quarter end, or the prices paid for each position. ### How concentrated was Aschenbrenner’s disclosed long book? (finance.yahoo.com) Situational Awareness was highly concentrated at the end of the first quarter, according to the 13F tracking summary. That service said the top five holdings made up 76% of the long equity portfolio, with Bloom Energy at 23%, Sandisk at 19% and CoreWeave at 14%. The same filing summaries also pointed to positions beyond chips, including power and data-center related names. (sec.gov) Yahoo Finance said the fund increased stakes in Applied Digital, IREN, Riot Platforms and CleanSpark, while Finbold highlighted the portfolio’s emphasis on AI infrastructure, data centers and compute. ### What can readers actually infer from a 13F? (13fai.com) The SEC’s EDGAR page shows the report was filed on May 18 for the quarter ended March 31. That means the document is a backward-looking disclosure rather than a live portfolio statement. It shows what the fund reported holding at quarter end, but not whether any of those positions were changed in April or May. Yahoo Finance also noted the filing was submitted after the usual 45-day post-quarter deadline. (finance.yahoo.com) The next routine 13F from Situational Awareness will cover holdings as of June 30 and is expected in mid-August, when investors will get the next formal snapshot of the fund’s disclosed U.S. positions. (sec.gov)