Situational Awareness AI Infrastructure Bet: $13.7B 13F

Leopold Aschenbrenner’s hedge fund, Situational Awareness LP, accelerated fast growth after six 13F filings, rising from a $255M portfolio to $13.7B in Q1 2026. The biggest change is an $8.5B newly reported put-option book on the semiconductor complex, while the long stock exposure stayed roughly flat (about $5.2B vs $5.5B prior). The options build is heavily concentrated. The largest line is a ~$2.04B put on SMH (VanEck Semiconductor ETF), followed by large puts on NVDA, ORCL, AVGO, AMD, and MU. The article stresses that 13F shows notional value of options, not the premium paid, so the cash risk is lower than the notional suggests—but the position is now large enough to shape the fund’s risk profile. For traders, the key mix is that the same 13F also adds to AI infrastructure stocks linked to power/HPC/data-center demand—especially crypto miners. CleanSpark holdings reportedly rose about 7x, with other miners also up materially (Bitfarms nearly 3x; Riot and Bitdeer roughly doubling). The fund also initiated smaller new long positions tied to the broader AI power theme: T1 Energy, SharonAI, and HIVE Digital. Interpretation: the put overlay could be read as caution (or hedging) on the AI chip complex, but the filing cannot confirm direction because strike/expiry details and whether puts are bought or sold are not provided. The next 13F (due mid-August; as this one is dated March 31) will be the first real checkpoint on whether the semiconductor puts expand, shrink, or rotate. Overall, the fund’s AI infrastructure stocks stance is bullish on the buildout narrative, but the options structure adds uncertainty around AI semiconductors.