Leopold Aschenbrenner's (Situational Awareness) Trades and Holdings in Q1 2025

Breaking down the stocks Leopold Aschenbrenner (Situational Awareness) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Situational Awareness' 13F filed on May 14, 2025.

Who is Situational Awareness?

Founded by Leopold Aschenbrenner, Situational Awareness is a hedge fund investing in Artificial General Intelligence (AGI), with backing from Patrick & John Collison, Daniel Gross, & Nat Friedman. Aschenbrenner previously worked at OpenAI on the Superalignment team led by Ilya Sutskever. In 2024, Leopold became famous for the series of essays he published under the name SITUATIONAL AWARENESS: The Decade Ahead. The essays predict that AGI will surpass human intelligence by 2027 leading to unprecedented economic and military power shifts.

Situationalawarenesslp.com
Situational-awareness.ai
Leopold Aschenbrenner on X
Q1 '25 13F filed with SEC

Portfolio Changes in Q1 2025

New positions

Situational Awareness established eight new positions during Q1 2025, with the largest being a massive $459.6 million stake in Intel (INTC) comprising over 20 million shares, followed by significant positions in Broadcom (AVGO) worth $117.2 million and Onto Innovation (ONTO) valued at $71.2 million. The firm also initiated positions in several Bitcoin mining and data center companies including EQT (EQT), CoreWeave (CRWV), Core Scientific (CORZ), Applied Digital (APLD), and IREN (IREN).

Bought

Situational Awareness significantly increased its holdings in four existing positions, most notably adding 650,457 shares to Modine (MOD) for a 615% return, while also boosting positions in energy companies Vistra (VST), Constellation Energy (CEG), and Talen Energy (TLN), demonstrating continued conviction in the energy and data center infrastructure themes.

Sold

The firm completely liquidated two positions during the quarter, selling its entire $86.8 million stake in Marvell Technology (MRVL) and its $51.7 million position in Vertiv (VRT), with no partial trims to any existing holdings.

New Investments in Q1 2025

Intel INTC

Leopold Aschenbrenner bought $459.59M of Intel in Q1 2025. Intel delivered mixed Q2 2025 results with revenue of $12.9 billion remaining flat year-over-year, which beat the high-end of guidance and demonstrated resilience amid market headwinds. However, the company reported significant losses with GAAP EPS of $(0.67) due to massive restructuring efforts including $1.9 billion in restructuring charges and $800 million in impairment charges as Intel undergoes a strategic foundry reset. The company is aggressively targeting cost reductions with operating expense goals of $17 billion in 2025 and $16 billion in 2026, while maintaining a strong cash position of $21.2 billion to fund the transformation.

• Revenue held flat at $12.9 billion year-over-year, beating guidance expectations by nearly $500 million.
• GAAP gross margin compressed to 27.5%, down nearly 8 percentage points from the prior year quarter.
• Operating expenses targeted for $1 billion reduction from $17 billion in 2025 to $16 billion in 2026.

Broadcom AVGO

Leopold Aschenbrenner bought $117.2M of Broadcom in Q1 2025. This strategic position reflects Broadcom's exceptional momentum in the AI semiconductor market, with the company delivering record Q2 FY 2025 revenue of $15.0 billion, representing 20% year-over-year growth driven primarily by explosive demand for AI networking solutions and robust VMware software integration. The company's AI networking segment surged over 170% year-over-year, now representing approximately 40% of total AI semiconductor revenues, positioning Broadcom as a dominant force among hyperscalers deploying Ethernet-based AI infrastructure. With strong Q3 guidance of $15.8 billion revenue (up 21% from prior year) and the recent launch of the high-performance Tomahawk 6 switch, Broadcom is strategically positioned for sustained growth through FY 2026.

• Adjusted EBITDA increased 35% year-over-year to $10.0 billion, representing 67% of revenue in Q2 FY 2025.
• AI networking revenue surged over 170% year-over-year, driven by strong hyperscaler demand for Ethernet-based solutions.
• Infrastructure software revenue grew 25% year-over-year to $6.6 billion, bolstered by VMware Cloud Foundation adoption.

Onto Innovation ONTO

Leopold Aschenbrenner bought $71.19M of Onto Innovation in Q1 2025. Onto Innovation demonstrated solid performance in Q2 2025 with revenue reaching $253.6 million, representing 5% year-over-year growth from $242.3 million in Q2 2024. The company maintained strong profitability with a robust 54.5% gross margin and gross profit of $138.3 million. As a specialized player in semiconductor process control equipment, Onto Innovation benefits from its unique position across the semiconductor value chain, helping customers optimize yield and device performance during a period of continued industry recovery.

• Q2 2025 revenue grew 5% year-over-year to $253.6 million from $242.3 million in Q2 2024.
• Gross margin maintained at a healthy 54.5% with gross profit of $138.3 million in Q2 2025.
• Recent earnings report on August 7, 2025 shows consistent growth momentum in the semiconductor process control segment.

EQT EQT

Leopold Aschenbrenner bought $52.86M of EQT in Q1 2025. EQT has delivered exceptional operational performance through Q2 2025, with net income surging to $784 million from just $10 million in the prior year quarter, demonstrating the successful integration of the Equitrans Midstream acquisition and operational excellence. The company has significantly strengthened its balance sheet with net debt declining approximately $1.4 billion from year-end 2024 levels while generating robust $240 million in free cash flow despite one-time legal settlement costs. EQT's integrated platform, strong well productivity, and strategic positioning for growing natural gas demand from power generation and data centers creates compelling value drivers going forward.

• Net income increased 7,740% year-over-year to $784 million in Q2 2025.
• Net debt decreased approximately $1.4 billion from year-end 2024 levels, strengthening the balance sheet significantly.
• Total per unit operating costs of $1.08 per Mcfe came in below the low-end of guidance, demonstrating continued operational efficiency gains.

CoreWeave CRWV

Leopold Aschenbrenner bought $45.42M of CoreWeave in Q1 2025. CoreWeave has demonstrated strong revenue momentum heading into its Q2 2025 earnings release scheduled for August 12, 2025, with expected revenue of $1.08 billion representing approximately 10% quarter-over-quarter growth from Q1's $981.6 million. The AI cloud infrastructure company continues to benefit from the artificial intelligence boom, positioning itself as a specialized hyperscaler serving enterprises and AI labs with accelerated computing solutions. Despite expected losses of $0.23 per share in Q2, the company's recognition as a TIME100 most influential company and inclusion in Forbes Cloud 100 ranking in 2024 underscores its growing market position in the rapidly expanding AI infrastructure sector.

• Revenue expected to grow 10% quarter-over-quarter from Q1 2025's $981.6 million to Q2 2025's estimated $1.08 billion.
• Forward revenue projections show continued acceleration with Q3 2025 estimates of $1.245 billion, representing 15% sequential growth.
• Expected Q2 2025 EPS loss of $0.23 per share reflects the company's investment phase in AI infrastructure expansion.

Core Scientific CORZ

Leopold Aschenbrenner bought $32.74M of Core Scientific in Q1 2025. Core Scientific reported a challenging Q2 2025 with revenue declining 44.2% year-over-year to $78.6 million, missing analyst estimates by 6.2% as the company transitions from bitcoin mining to higher-margin colocation services. The company's gross margins compressed to just 6% in Q2 2025 due to legacy bitcoin mining pressures, though the strategic pivot to colocation and AI computing services showed promise with revenue nearly doubling year-over-year. Despite the revenue headwinds from reduced bitcoin mining operations, the company generated $21.5 million in adjusted EBITDA, indicating operational resilience during this transition period.

• Total revenue fell 44.2% year-over-year to $78.6 million in Q2 2025, missing analyst consensus by 6.2%.
• Gross profit collapsed 87.1% year-over-year with gross margins compressing to 6% due to legacy bitcoin mining pressures.
• Colocation revenue nearly doubled to $10.6 million from $5.5 million in the prior year period, representing the company's strategic shift to higher-margin services.

Applied Digital APLD

Leopold Aschenbrenner bought $22.68M of Applied Digital in Q1 2025. Applied Digital has experienced significant volatility over the last two quarters, with revenues declining sequentially from $63.9 million in Q2 FY2025 to $38.0 million in Q4 FY2025, though both quarters showed strong year-over-year growth of 51% and 41% respectively. The company has successfully pivoted from cryptocurrency mining to AI infrastructure services, discontinuing its Cloud Services Business to focus on high-performance computing applications. Despite operational challenges including increased net losses of $233.68 million in 2025, the stock has surged 94% over the past three months through July 2025, driven by renewed investor confidence in AI infrastructure plays and a major leasing agreement with CoreWeave.

• Revenue declined 40.5% sequentially from Q2 to Q4 FY2025 but maintained strong year-over-year growth.
• Net losses increased 56.5% year-over-year to $233.68 million in 2025.
• Stock surged 94% over three months, significantly outperforming the S&P 500's 14.3% gain.

IREN IREN

Leopold Aschenbrenner bought $20.5M of IREN in Q1 2025. The Bitcoin mining company has demonstrated exceptional operational momentum in Q2 2025, delivering record financial performance with net income swinging dramatically from a $2.2 million loss in Q1 to a $24.3 million profit in Q2. The company's Bitcoin mining operations scaled rapidly with a 129% increase in mining revenue to $113.5 million and hash rate expansion to 31 EH/s, while maintaining cost efficiency with a 39% decrease in electricity cost per Bitcoin mined. With $427.3 million in cash reserves, a recent $440 million convertible note, and analyst price targets averaging $23 (representing 198% upside potential), the company appears well-positioned for continued expansion in the growing Bitcoin mining sector.

• Bitcoin mining revenue surged 129% in Q2 2025 to $113.5 million with 1,347 Bitcoins mined versus 813 in Q1.
• Net income improved dramatically from -$2.2 million in Q1 2025 to +$24.3 million in Q2 2025.
• Q2 2025 EPS of $0.09 beat consensus expectations by $0.13, with operating hash rate reaching 31 EH/s.

Holdings at the end of Q1 2025

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.