Leopold Aschenbrenner's Trades and Holdings in Q1 2026

Breaking down the stocks Leopold Aschenbrenner (Situational Awareness) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Situational Awareness' 13F filed on May 18, 2026.

Who are Leopold Aschenbrenner and 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 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Leopold Aschenbrenner's Situational Awareness LP entered Q1 2026 doubling down on its "AGI infrastructure bottleneck" thesis, anchoring the book in power-generation and compute plays such as Bloom Energy, Power Solutions International, Whitefiber, Babcock & Wilcox, ProPetro and Infosys, on the view that electricity, fuel cells and data-center buildout—not algorithms—are the true chokepoints on the path to artificial general intelligence. At the same time the fund layered in large new put positions against NVIDIA, Oracle, Broadcom, AMD and a semiconductor-tracking VanEck ETF as a hedge on the chip stack, while exiting Intel, Lumentum, Cipher Mining, EQT and Coherent—a rotation that underscored Aschenbrenner's contrarian bet that the physical energy and infrastructure race, rather than semiconductor suppliers themselves, will determine the winners of the AGI era.

New Investments

VanEck ETF

Leopold Aschenbrenner bought $2.04B of VanEck ETF in Q1 2026. The semiconductor-focused VanEck ETF has delivered a powerful rally over the last year, with the US-listed fund up 58.07% year-to-date and the European UCITS version gaining about 163% over the past twelve months, indicating strong price appreciation through the last two quarters. Momentum has continued into the current quarter, with the UCITS line recently setting a new 52‑week high around €95.40, even as a record 1.7 million outstanding put contracts signals increasing investor caution and supports our decision to use puts for downside protection rather than adding outright long exposure. Given the fund’s concentrated exposure to leading semiconductor producers and equipment makers, performance is being driven by robust earnings and capital spending in the chip industry and could further benefit if AI-related demand and capacity expansion stay stronger for longer than currently discounted in valuations.

• US-listed fund price approximately $569.24 with year-to-date total return of 58.07% as of August 10, 2026..
• European UCITS version recently closed near €95.40, up roughly 73.6% year-to-date and about 163% over the last twelve months..
• Outstanding put open interest of nearly 1.7 million contracts on the UCITS line marks the highest bearish options volume on record for the fund..

NVIDIA

Leopold Aschenbrenner bought $1.57B of NVIDIA in Q1 2026. Over the last two quarters, the company has extended its AI-driven growth trajectory, with the most recent quarter (Q1 FY2027) delivering revenue of $81.6–82B (about +85% year-over-year) and EPS of $1.87, both ahead of consensus expectations. Despite that fundamental strength, the stock has been broadly range-bound in the current quarter with roughly -1% performance over the past three months, likely reflecting digestion of prior outsized gains and investor caution ahead of the next earnings release, while still up approximately 20–23% over the last 12 months and mid‑teens to low‑20s percent year-to-date. Looking ahead, Street forecasts for the current reporting period embed revenue of around $91.9B, implying roughly +12% sequential growth from last quarter and continuing lift from data-center AI demand and the ramp of Blackwell-based platforms, which could support further upside if execution and demand trends hold.

• Latest reported quarterly revenue $81.6B, about +85% year-over-year and roughly +3.0% above consensus forecasts.
• Share price performance approximately +22–23% over the last 12 months, with year-to-date return around +17–20% and 3‑month return near -0.8% to -1%.
• Next-quarter revenue consensus near $91.9B, implying about +12% sequential growth from the prior quarter’s $81.6B print.

Oracle

Leopold Aschenbrenner bought $1.07B of Oracle in Q1 2026. Following strong fiscal fourth-quarter results that briefly lifted the stock from around $173 at April-end to an intra-quarter peak of $248.15 on June 1, the current quarter has seen an abrupt reversal with shares sliding roughly 54% to about $114.99, marking a two‑year low and a sharp underperformance versus large-cap software peers. Over the last two quarters, performance has thus shifted from earnings-driven multiple expansion to aggressive de-risking, as traders react to the prior run-up, macro-driven volatility in richly valued AI-exposed software names, and concerns that recent growth in cloud and AI workloads may normalize, making put exposure an effective way to hedge further downside while maintaining flexibility to add on weakness. Despite the sell-off, major fundamental and news-based upside catalysts remain—most notably continued growth in cloud and SaaS revenues, execution on AI infrastructure and application partnerships, and the potential for upcoming earnings or guidance stabilization to reassure investors that the recent price action reflects sentiment rather than a structural deterioration in the business, which could support meaningful re-rating from these levels once volatility subsides.

• Shares fell 24.6% over the last 30 days, from a June 25 close of $152.46 to a July 24 close of $114.99, setting a fresh 52-week low..
• Within the current quarter, the stock declined approximately 54% from its June 1 intra-quarter peak of $248.15 to $114.99..
• Options positioning shows put open interest of about 64,394 contracts and an open-interest put/call ratio near 0.96, reflecting elevated but not extreme downside hedging..

Broadcom

Leopold Aschenbrenner bought $1.01B of Broadcom in Q1 2026. Over the last two quarters, Broadcom has continued to deliver robust fundamentals, with revenue and EPS growing at double‑digit rates while the stock has appreciated roughly 20–25% over the past six months, outpacing many large-cap semiconductor peers. Broadcom’s latest quarter showed further strength in core semiconductor and infrastructure software segments, supported by elevated AI and networking demand, and options markets now imply a potential post‑earnings move of about 17.6%, reflecting heightened expectations and risk hedging. Despite the elevated put/call ratio near 1.0–1.1, which indicates substantial downside protection activity, the company’s strong free‑cash‑flow margins around the low‑40% range over recent quarters continue to support a constructive long‑term equity value case.

• Broadcom shares are up approximately 22.66% year-to-date, with an estimated 20–25% gain over the last 6 months, reflecting strong investor confidence in recent quarterly results..
• Over the last two reported quarters, Broadcom has maintained average free-cash-flow margins of about 41.5% of sales, supporting high return on capital and ongoing shareholder value creation..
• Current options pricing implies a potential post‑earnings move of around 17.6%, versus a historical average of 10.8% over the past eight quarters, and the open-interest put/call ratio around 1.02–1.10 signals elevated hedging and volatility expectations..

AMD

Leopold Aschenbrenner bought $969.16M of AMD in Q1 2026. Over the last two quarters, AMD has been in a clear uptrend, with Q2 2026 revenue reaching $11.5B, up 50% year-over-year, driven by data center revenue that more than doubled and now represents 58% of total sales. Profitability inflected sharply, as non-GAAP diluted EPS rose to $1.66 in Q2, a 156% year-over-year and 64% sequential increase versus Q1 2026, even though the stock sank more than 10% in extended trading after the earnings release despite the beat, following a more than 160% gain over the past year. Looking ahead, management guided the next quarter’s revenue to about $13.0B, implying roughly 41% year-over-year growth and topping consensus expectations, which—combined with sustained AI and server CPU demand—remains a key catalyst for further value creation despite near-term volatility.

• Q2 2026 revenue $11.5B, up 50% year-over-year, with data center contributing 58% of sales after more than doubling from a year ago..
• Non-GAAP diluted EPS in Q2 2026 was $1.66, up 156% year-over-year and 64% sequentially versus Q1 2026..
• Share price is up about 166.9% over the last 12 months but down roughly 10.2% over the past month, with a 52-week range of $149–$585..

Micron

Leopold Aschenbrenner bought $583.69M of Micron in Q1 2026. Over the last two quarters, the company’s share price has accelerated sharply—up roughly 60–100% in recent weeks, including a 13% jump after the latest earnings report where revenue and EPS beat analyst expectations and management delivered a rosier outlook. That move has been accompanied by heavy derivatives activity, with more than 408,000 put contracts trading in a single session, a short‑dated put yield of about 3.25%, and a put‑call open‑interest ratio near 1.19, signalling strong upside positioning but also meaningful hedging compared with other large‑cap semiconductor names. As a major memory‑chip producer, the company typically benefits when the memory cycle turns up, and the combination of an earnings beat, upgraded outlook, and substantial share‑price momentum suggests it is gaining rather than declining in the current quarter, with investors increasingly willing to underwrite higher volatility for improving fundamentals.

• Share price has risen roughly 60–100% over the last 1–2 months, including a 60% gain in 4 weeks and a one‑day post‑earnings move of about 13%..
• On the latest earnings day, options volume exceeded 800,000 contracts, with put volume at 408,000, call volume at 392,970, and a put‑call ratio of 1.01 versus a 0.73 one‑year average..
• Current positioning shows a put‑call open‑interest ratio around 1.19, more than 10,000 contracts traded at a single $390 strike generating a short‑put yield near 3.25%, and spot shares recently trading in the $860–$910 range..

TSMC

Leopold Aschenbrenner bought $535.11M of TSMC in Q1 2026. Over the past year, the company has shifted back into a strong growth phase, with AI-related demand driving a Q2 sales surge of 45% year over year and marking clear momentum gains across the last two quarters. Despite bouts of volatility — including a prior 13% single‑day sell-off that coincided with a three‑month high in put volumes — recent earnings headlines and the AI-driven revenue spike have improved sentiment and provide fundamental catalysts for further value creation.

• Q2 revenue grew 45% year over year, reflecting a sharp acceleration in sales tied to AI chip demand..
• Near-dated options show implied volatility around 44.28% and an expected one-week move of roughly ±1.61% for the stock..
• Put open interest remains elevated, with put/call ratios around 1.39 in recent aggregate data and near 0.9 for some expirations..

Asml Hldg Nv N Y Registry

Leopold Aschenbrenner bought $494.12M of Asml Hldg Nv N Y Registry in Q1 2026. Over the last 12 months, the company’s shares have appreciated about +125%, underscoring very strong absolute performance and growing investor conviction in its long-term earnings power. In the past two quarters the stock pushed up to almost $1,989 by late Q2 2026 before retreating to roughly $1,740–1,820 in the current quarter, indicating a near-term consolidation as investors digest the prior run-up and respond to macro uncertainty and elevated valuations. Options markets are now pricing higher risk with implied volatility around 67%, an IV rank near 99%, and mixed put‑call positioning (volume put‑call ratio 0.76, open‑interest put/call ratio 1.27), so this Put exposure is a timely way to hedge against further short-term downside while retaining upside to potential catalysts such as stronger AI-driven wafer fab capex or easing export restrictions.

• Share price up approximately +125.37% over the last 12 months, according to options overview data..
• Recent prices have pulled back from about $1,989 at the end of Q2 2026 to roughly $1,740–1,820 in the current quarter..
• Current implied volatility near 67.24% with IV rank around 98.74%, option volume at 15.58K contracts (~64.58% of average), a volume put‑call ratio of 0.76, and open‑interest put/call ratio of 1.27..

SanDisk

Leopold Aschenbrenner bought $388.76M of SanDisk in Q1 2026. SanDisk, a leading flash memory and storage solutions provider, has delivered a ~2668% share price gain over the last 12 months, vastly outpacing broader semiconductor and storage peers, but the current quarter has turned choppy as the stock corrects from parabolic levels while options-implied volatility remains extremely elevated. Over the last two quarters, shares have swung from late-June highs above 2,090.71 to early-August levels near 1,546.74 (roughly a 26% drawdown), even as historical post-earnings moves have been positive in 5 of the past 6 quarters with an average one-day gain of about 5.8%, underscoring strong but volatile sentiment around results. Into the current quarter’s fiscal Q4/FY26 earnings event, options markets are pricing a ±16–21% move and implied volatility around 95–113%, and recent pre-earnings commentary highlights this print and forward guidance as the key near-term catalyst that could drive further re-rating if growth and margins remain robust.

• Share price up approximately 2668.32% over the last 12 months, signaling extreme outperformance versus the broader market..
• Stock declined about 26% from the June 26 close of 2,090.71 to early-August levels near 1,546.74, highlighting elevated current-quarter volatility..
• Options market is pricing an earnings move of roughly ±16–21% with implied volatility around 95–113% and a put/call volume ratio up to 1.37, reflecting significant event risk and active hedging..

Intel

Leopold Aschenbrenner bought $159.11M of Intel in Q1 2026. Over the last two quarters, Intel's fundamentals have inflected positively, with Q2 2026 revenue rising to $16.1 billion (up 25% year-over-year, its fastest quarterly growth since 2011 and roughly $1.8 billion above guidance) and non-GAAP EPS improving to $0.42, more than double analyst expectations and up from $0.29 in Q1, marking the company's seventh consecutive quarter of beating its own financial guidance. While Q2 2026 headline GAAP results show a net loss of about $11.0 billion or $(2.16) per share, driven by a one-time, non-cash $12.5 billion CHIPS Act equity revaluation, underlying non-GAAP net income of roughly $2.2 billion, a non-GAAP gross margin of 41.8% (about 280 bps above guidance), and operating cash flow of $7 billion point to a strengthening core earnings profile that supports a constructive medium-term view even for options strategies. Q1 2026 had already shown improving mix with revenue around $13.6 billion (up roughly 7% YoY), non-GAAP gross margin near 41%, and AI-related businesses representing about 60% of revenue and growing roughly 40% YoY, and management now guides the current quarter to revenue of $15.8-$16.8 billion and adjusted EPS of about $0.38 versus Street expectations of $15.1 billion and $0.27, signaling accelerating AI and data-center demand that can drive further upside in valuation.

• Q2 2026 revenue $16.1B, up 25% YoY and roughly 12% above consensus, versus Q1 2026 revenue about $13.6B (up ~7% YoY).
• Q2 2026 non-GAAP EPS $0.42, nearly double the ~$0.21 Street estimate and higher than Q1 non-GAAP EPS of $0.29.
• AI-related businesses contribute about 60% of revenue and grew roughly 40% YoY, supporting Q3 2026 guidance for revenue of $15.8-$16.8B and adjusted EPS of $0.38 versus expectations of $15.1B and $0.27.

T1 Energy Inc

Leopold Aschenbrenner bought $43.9M of T1 Energy Inc in Q1 2026. This purchase adds exposure at a time when Q1 2026 net income from continuing operations of $3.9 million flipped to a Q2 net loss from continuing operations of $36.9 million, even as net sales climbed from $177.6 million to $250.1 million, highlighting a business that is scaling quickly but still working through cost and financing headwinds. Operationally, the G1_Dallas facility delivered record output of 935 MW in Q2 and helped drive a gross margin of roughly 19.5%, but higher selling and administrative expenses and the lapping of Q1 derivative gains left Adjusted EBITDA at only $10.7 million (including a one‑time $24.4 million tariff refund), so near‑term performance hinges on management converting this volume growth and a new 641 MW Clearway Energy supply agreement into more durable profitability and cash generation. The stock remains structurally volatile—up roughly 275% over the last 12 months but down about 25% year‑to‑date versus the S&P 500’s mid‑teens gain, with trailing EPS still negative at around -1.59—yet if upcoming quarters show sustained positive earnings from continuing operations, disciplined capex for new U.S. manufacturing, and regulatory clarity, there is room for the market to re‑rate the shares back toward prior highs.

• Q2 2026 net sales $250.1 million (up roughly 41% q/q), G1_Dallas production 935 MW, net loss from continuing operations $36.9 million, Adjusted EBITDA $10.7 million including a one‑time $24.4 million tariff refund..
• Q1 2026 net sales $177.6 million, net income from continuing operations $3.9 million, Adjusted EBITDA $9.1 million, total net loss attributable to shareholders $21.4 million or $(0.08) per share..
• Shares up about 275% over the last 12 months but down about 25% year‑to‑date versus the S&P 500’s approximately +14% YTD; trailing twelve‑month EPS roughly -1.59..

Corning

Leopold Aschenbrenner bought $21.02M of Corning in Q1 2026. The purchase of downside protection via puts coincides with a period in which the company has delivered its strongest quarter in years, with second‑quarter 2026 core sales up 17% to $4.74 billion and core EPS up 30% to $0.78, alongside core gross margin of 39.6% and core operating margin of 20.9%. GAAP results for the quarter were similarly robust, with sales of $4.51 billion, gross margin of 36.1%, operating margin of 15.5%, GAAP EPS of $0.64, and operating cash flow of $1.72 billion, as management highlights that these results demonstrate progress on its recently upgraded Springboard plan focused on higher growth, margins, and cash generation. Over the last 12 months, ROIC has improved to 14.9% and adjusted free cash flow reached $1.42 billion in the current quarter, supporting a higher fundamental value even as the stock has sold off sharply on earnings and options markets show significant hedging activity, including over 2,700 November 2026 puts traded at the $90 strike with an estimated premium of about $6.75 per contract.

• Second‑quarter 2026 GAAP sales $4.51 billion, gross margin 36.1%, operating margin 15.5%, GAAP EPS $0.64, and operating cash flow $1.72 billion.
• Core sales grew 17% year over year to $4.74 billion, core EPS grew 30% to $0.78, and adjusted free cash flow was $1.42 billion in Q2 2026.
• Options positioning shows an open‑interest put/call ratio of 0.52 and a single November 2026 $90 strike contract trading over 2,700 puts with an estimated premium of $6.75 per contract, highlighting significant hedging demand.

Sharonai Holdings Inc

Leopold Aschenbrenner bought $18.1M of Sharonai Holdings Inc in Q1 2026. Over the last two quarters, the company has transitioned from minimal revenue to an early ramp in GPU infrastructure services, with Q2 2026 revenue reaching $1.93M (up roughly 412% year over year) but still posting a net loss of about $428M and EPS near -22.84 per share as fair‑value losses on convertible notes and scaling costs drive results. Despite the heavy losses, the stock has rerated aggressively as an AI infrastructure play, moving from a 52‑week low near $1.90 to around $68–70 per share and delivering well over 1,000% gains over the past twelve months, placing it among the strongest performers in the AI infrastructure space relative to more mature data‑center and semiconductor peers as investors focus on future contracted cash flows rather than current earnings. Management is pursuing a build‑now, monetize‑later strategy: contracted revenue has roughly quadrupled to about $8.8B with secured capacity of 212 MW, driven by multi‑year AI infrastructure deals—including a $4.9B six‑year NVIDIA partnership and earlier Q1 awards totaling over $1.26B and $950M—and the company ended Q2 with around $1.86B of cash and over $1.1B of equity, positioning it to deploy more than 64,000 GPUs by mid‑2027 and potentially convert backlog into a material revenue ramp from Q4 2026 onward.

• Q2 2026 revenue was $1.93M, up approximately 412% year over year from about $0.38M in Q2 2025..
• Q2 2026 net loss was about $428M (EPS -22.84), versus Q1 2026 net loss of roughly $19.9M and EPS of -1.43..
• Contracted revenue has increased to roughly $8.8B with secured capacity of 212 MW, including a $4.9B six‑year NVIDIA agreement and Q1 deals of about $1.26B and $950M..

Hive Digital Technologies Lt

Leopold Aschenbrenner bought $6.44M of Hive Digital Technologies Lt in Q1 2026. This purchase increases our exposure to a high-growth but volatile A.I. data centre and Bitcoin mining operator that has expanded fiscal 2026 revenue by 158% year-over-year to $297.8M, even as it remains loss-making with trailing EPS around -0.66 and a full-year net loss of $148.4M. Over the last two reported quarters, revenue has stepped down from roughly $93.1M in Q3 FY2026 to $71.8M in Q4 FY2026 (a ~23% sequential decline based on reported figures), while quarterly net loss improved from about $91.3M to $76.3M and EPS stayed negative—so near-term momentum has softened sequentially even though Q4 revenue was still up roughly 130% year-over-year. Management attributes recent pressure on Q4 profitability to Bitcoin hashprice compression and higher network difficulty, but full-year gross operating margin nevertheless expanded to $107.9M (about a 36% margin) and high-performance computing revenue nearly doubled to $19.5M on the back of BUZZ HPC’s NVIDIA H200 GPU deployment and a 300 MW Paraguay expansion—developments that underpin the market’s view of this A.I.-pivot strategy as a key potential driver of future value.

• Fiscal year 2026 revenue grew 158% year-over-year to $297.8M, with Bitcoin mining generating $278.3M and HPC/AI services $19.5M..
• Q4 FY2026 revenue was $71.8M versus $93.1M in the prior quarter (~23% sequential decline based on reported figures), while net loss narrowed from about $91.3M to $76.3M over the same period..
• Trailing twelve‑month basic loss per share is approximately -0.66, and the stock price is up roughly 66% over the last 12 months..

Added, Trimmed, and Exited

Added

Situational Awareness significantly increased several existing positions in the crypto mining and AI infrastructure space, most notably CleanSpark (shares up over 6x, value +529.30% to $104.47M), Bitfarms (shares nearly tripled, value +139.13% to $38.76M), Riot Platforms (+81.93% to $142.17M), Bitdeer (+48.43% to $29.75M), Iren Limited (+22.04% to $401.04M), and Applied Digital (+15.09% to $319.98M). The fund also built out a brand-new common stock stake in Intel (from essentially zero to $8.93M) even while separately exiting its Intel call options, and added to SanDisk (+189.46% to $724.36M).
What it means: The pattern of adds reveals a clear doubling-down on Bitcoin-mining-turned-AI-compute operators—CleanSpark, Bitfarms, Riot, Bitdeer, Iren, and Applied Digital all sit at the intersection of crypto mining infrastructure and emerging GPU/AI hosting capacity, suggesting Situational Awareness is betting that these companies' power and data-center assets will increasingly be repurposed or co-utilized for AI workloads. The parallel build in Intel common shares alongside the call liquidation (discussed below) suggests a shift from options-based upside speculation to a more direct equity stake, possibly reflecting increased confidence in Intel's fundamental AI-driven turnaround after its strong Q2 2026 results.

Trimmed

The largest reduction was in Coreweave Inc call options, cut by 9,000,000 shares (-81.85% in value to $140.57M), while Bloom Energy call shares were reduced by 3,590,614 shares even as position value held roughly flat (+0.37%), and Core Scientific (-7.07% to $389.09M) and Solaris Energy Infras Inc (-27.19% to $62.47M) were also pared back.
What it means: The sharp cut to Coreweave call exposure, despite the stock's status as a pure-play AI cloud infrastructure name, suggests the fund is taking profits or reducing leveraged upside bets after a strong run, possibly due to valuation concerns or a view that near-term AI infrastructure capex growth is already priced in. Meanwhile, the near-flat value in Bloom Energy despite a share reduction indicates the stock likely appreciated significantly, allowing the fund to trim share count while preserving dollar exposure—a sign of disciplined position-sizing rather than a bearish shift.

Exited

Situational Awareness fully exited nine positions, led by Intel call options ($746.76M), Lumentum Hldgs Inc ($478.58M), Cipher Mining ($154.52M), EQT Corp ($133.05M), Coherent Corp ($88.65M), Tower Semiconductor ($84.90M), Kilroy Rlty Corp ($49.62M), Hut 8 Corp ($39.52M), and Liberty Energy Inc ($10.47M).
What it means: The wholesale exit from Intel call options—right as the fund simultaneously initiated a new common stock position in Intel—signals a strategic pivot from leveraged optionality to direct equity ownership, likely reflecting greater conviction in Intel's underlying turnaround following its strong non-GAAP earnings beats. The liquidation of Lumentum and Coherent, both optical component suppliers tied to AI datacenter networking, alongside energy-adjacent names like EQT, Kilroy Realty, and Liberty Energy, suggests the fund is narrowing its thesis toward more direct AI compute and mining plays while stepping away from peripheral infrastructure and real estate exposure that may have been more speculative or tangential to its core AGI investment thesis.

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.