Key Takeaways:
Leopold Aschenbrenner’s Situational Awareness LP disclosed $8.46 billion in bearish bets against semiconductor stocks in a late Q1 2026 13F filing, providing a snapshot of the $13.7 billion tech fund's portfolio.
The filing, submitted to the U.S. Securities and Exchange Commission after the deadline, detailed an aggressive short position against the chip sector. The fund held a staggering $8.46 billion in notional put exposure, signaling a strong conviction that the sector's high-flying valuations are set to decline.
The bearish positions were widespread, including a $2 billion notional put position against the VanEck Semiconductor ETF (NASDAQ: SMH) and a $1.6 billion put position against AI giant Nvidia (NASDAQ: NVDA). The fund also opened puts against Broadcom (NASDAQ: AVGO), Oracle (NYSE: ORCL), Advanced Micro Devices (NASDAQ: AMD), and Taiwan Semiconductor (NYSE: TSM), among others.
However, the fund's strategy is not a simple one-way bet against technology. The same filing revealed a new 10 million share stake in solar and battery solutions provider T1 Energy (NYSE: TE), a disclosure that sent the stock soaring 23.46% on Monday. Situational Awareness also increased its holdings in several crypto mining operators, including CleanSpark (NASDAQ: CLSK) and Riot Platforms (NASDAQ: RIOT), and maintained a large position in biofuel company Bloom Energy (NYSE: BE). The fund even holds call options on chipmakers like Micron and TSM, suggesting a complex strategy to monetize volatility.
The late filing captures a moment in time at the end of the first quarter, and it remains unknown how these positions have performed, especially as many of the shorted chip stocks have rallied since March. The disclosure of the T1 Energy stake highlights a more nuanced approach, with Aschenbrenner making concentrated, high-conviction bets in the energy and digital infrastructure sectors alongside his large-scale bearish technology plays.
This article is for informational purposes only and does not constitute investment advice.
