The highly followed Q1 2026 Form 13F-HR for Leopold Aschenbrenner’s Situational Awareness LP was accepted by SEC EDGAR Monday morning before the market open, and it is likely the most followed 13F of this quarter so we wanted to do an analysis. The 25-year-old former OpenAI researcher whose 2024 Situational Awareness: The Decade Ahead essay warned about the approaching artificial general intelligence (AGI) has just put on roughly $8.5 billion of notional put exposure against the artificial intelligence semiconductor complex; the bet includes a $2.04 billion put on the VanEck Semiconductor ETF (SMH) and a $1.57 billion put on Nvidia, while simultaneously doubling and tripling his long exposure to Bitcoin miners pivoting to AI hosting.
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