Breaking down the stocks Leopold Aschenbrenner (Situational Awareness) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Situational Awareness' 13F filed on August 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
Q2 '25 13F filed with SEC

Portfolio Changes in Q2 2025

New positions

Situational Awareness initiated a major new position in the semiconductor sector by purchasing 2.04 million shares of VanEck Semiconductor (SMH) ETF worth approximately $570 billion, representing a significant bet on the semiconductor industry.

Bought

Situational Awareness significantly increased positions across multiple sectors, with the largest additions in energy and technology companies: Core Scientific (CORZ) increased by 3.47 million shares, IREN (IREN) by 3.03 million shares, Applied Digital (APLD) by 2.56 million shares, EQT (EQT) by 1.16 million shares, Vistra (VST) by 748,332 shares, Broadcom (AVGO) by 491,606 shares, and Constellation Energy (CEG) by 135,800 shares, while maintaining their substantial 20.24 million share position in Intel (INTC).

Sold

The firm completely exited four positions during the quarter, liquidating all holdings in Onto Innovation (ONTO), Modine (MOD), CoreWeave (CRWV), and Talen Energy (TLN), representing a total exit value of approximately $201 million across these positions.

New Investments in Q2 2025

Ticker Company Weight Change Value
SMH VanEck Semiconductor 100.0% NEW $570.06B

VanEck Semiconductor SMH

Leopold Aschenbrenner bought $570.06B of VanEck Semiconductor in Q2 2025. The VanEck Semiconductor ETF has demonstrated exceptional performance through Q2 2025 and continues its strong momentum into the current quarter, driven primarily by robust earnings from key holdings like Taiwan Semiconductor Manufacturing. The ETF has benefited significantly from the AI chip boom, with major holdings like TSM reporting 60.7% year-over-year earnings growth and 38.6% revenue growth in Q2 2025, while TSM's high-performance computing division contributed 60% of revenues. The current quarter has maintained this positive trajectory, with the ETF gaining 4.80% since mid-July as semiconductor companies continue to capitalize on AI demand and advanced chip technologies.

  • Up 4.80% since July 11, 2025, maintaining strong momentum in the current quarter.
  • Key holding TSM reported Q2 2025 earnings growth of 60.7% year-over-year with revenues up 38.6% to $30.07 billion.
  • Trading at a P/E ratio of 20.35 with historical gains exceeding 127% since late 2022.

Holdings at the end of Q2 2025

Ticker Company Weight Change Value
SMH VanEck Semiconductor 26.9% NEW $570.06B
INTC Intel 21.4% $453.32B
AVGO Broadcom 15.5% Added (+70%) $328.47B
VST Vistra 11.6% Added (+142%) $246.95B
CORZ Core Scientific 6.4% Added (+77%) $136.46B
EQT EQT 5.9% Added (+117%) $125.12B
CEG Constellation Energy 4.9% Added (+74%) $103.02B
IREN IREN 4.4% Added (+90%) $93.25B
APLD Applied Digital 3.1% Added (+63%) $66.38B
ONTO Onto Innovation 0.0% Exited $0
MOD Modine 0.0% Exited $0
CRWV CoreWeave 0.0% Exited $0
TLN Talen Energy 0.0% Exited $0

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.