Former OpenAI researcher Leopold Aschenbrenner's AI-focused hedge fund, Situational Awareness LP, is seeking additional investor capital as semiconductor and artificial intelligence stocks decline.
The fund holds the largest disclosed short positions against chipmakers, including $8.7 billion in put options tied to AI and semiconductor companies as of March 31, 2026, according to a regulatory filing.
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Short Positions and Long Bets
Form 13F filings with the U. S.
Securities and Exchange Commission reveal short positions of $2.04 billion in the VanEck Semiconductor ETF and $1.57 billion in Nvidia stock.
The firm also held over $1 billion in put options across Oracle, Broadcom, and Advanced Micro Devices.
In contrast, Situational Awareness invested its long portfolio in AI power and infrastructure assets.
Bloom Energy was the fund's largest long holding at $879 million, followed by positions in SanDisk and CoreWeave.
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The fund also expanded investments in Bitcoin mining firms including IREN, Core Scientific, Riot, and CleanSpark.
An unverified estimate from social media account @LeopoldTracker_ on July 28 suggested the fund lost roughly $600 million in a single trading session due to steep drops in Bloom Energy and SanDisk, though the figure could not be independently confirmed.
Form 13F disclosures exclude cash holdings, foreign securities, short positions, and private investments, presenting an incomplete picture of total daily gains and losses.
Reports indicate the fund's long positions remain up over 1,000 percent from entry levels while appreciating put options help offset long losses.
Aschenbrenner founded Situational Awareness in September 2024 following his June 2024 essay predicting artificial general intelligence by 2027.
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By October 2025, Fortune reported the fund managed over $1.5 billion in assets.
