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Q1 2026 13F · filed May 18 · UPDATED: $2.6B Nebius stake disclosed May 28

Leopold went massively short AI chips while staying long AI power & infrastructure.

The fund's book grew +148% QoQ to $13.68B notional. Roughly 62% of that is bearish put exposure on the most crowded semiconductor names — Nvidia, Broadcom, AMD, Oracle, and the SMH ETF. The long book leans into physical AI: power generators, crypto miners pivoting to GPU hosting, and memory.

Manager: Leopold Aschenbrenner (ex-OpenAI) 43 positions 10 full exits this quarter NEW: 5.6% Nebius stake ($2.6B) Top 10 = ~73% of book
Reported book
$13.68B
+148% vs Q4 2025
Bearish puts
$8.46B
62% of book · 11 names
Long equity
$4.80B
18 names · power, miners, memory
Bullish calls
$1.36B
5 names · MU, SNDK, TSM, CRWV, BE
The barbell, visualized
Share of $13.68B reported book
Longs 35%
Calls 10%
Puts 55%
Note: this is notional exposure as reported on the 13F. Put notional ≠ capital at risk — option premium paid is much smaller than notional value. Still, the directional skew is unmistakably bearish on chips, bullish on power.

The thesis, in plain English

The long side · "Sell shovels & substations"

AI compute requires gigawatts of continuous power. Leopold is long the unsexy backbone: Bloom Energy (on-site fuel cells), crypto miners pivoting to GPU hosting (CoreWeave, IREN, Core Scientific, Applied Digital, Riot, CleanSpark), and memory (SanDisk, Micron calls). Thesis: the bottleneck is physical, not algorithmic.

The short side · "Buy insurance on the metal"

The puts target names where consensus multiples have run too far: Nvidia, Broadcom, AMD, ASML, Oracle, TSM, and the broader SMH ETF. The bet is not that AI fails — it's that these specific stocks have priced in too much, and a single missed quarter or hyperscaler capex pause re-rates them violently.

Quote-level commentary from coverage of the filing. See sources.

Every position

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Ticker Company Type Value % book Shares / Contracts Status Why it's there

What changed this quarter

The signal most retail copy-traders actually care about.
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          Before you copy a single trade — read this

          It's 45+ days late
          13Fs are filed up to 45 days after quarter-end. Prices and positions have already moved.
          It's a slice, not the whole fund
          13Fs only show long US equity positions and listed options. Foreign holdings, cash, swaps, and direct shorts are invisible.
          Notional ≠ capital
          An "$8.5B put position" is the strike × contracts × 100. The actual premium paid (the real risk) is a small fraction.
          You aren't a hedge fund
          He can hold puts to expiration, accept drawdowns, and rebalance daily. Copy-trading a hedger without the hedges is just leverage.

          Sources & how to update this page

          Data on this page is from the Q1 2026 13F filing (period ending 3/31/2026, filed 5/18/2026, accession 0002045724-26-000008). Verify and refresh from:

          To update: edit data.js (or the inline DATA array in this file) when the next 13F drops — roughly mid-August 2026 for Q2 2026.

          Not investment advice. Not affiliated with Situational Awareness LP, Leopold Aschenbrenner, WhaleWisdom, or any other party. Data may contain errors — always verify against the primary SEC filing before acting on it.