Leopold Aschenbrenner's Trades and Holdings in Q2 2026

Breaking down the stocks Leopold Aschenbrenner (Situational Awareness) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Situational Awareness' 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Leopold Aschenbrenner's Situational Awareness LP entered Q2 2026 having abandoned its earlier semiconductor short book—unwinding put positions against the VanEck Semiconductor ETF, NVIDIA, Oracle, Broadcom, and AMD—to instead concentrate almost entirely on the physical "picks-and-shovels" layer of the AGI buildout, doubling down on bitcoin-miners-turned-AI-data-center operators such as Core Scientific, CleanSpark, Whitefiber Inc, and Bitdeer. The fund rounded out its long-only, high-conviction thesis with fresh stakes in AI cloud and hardware suppliers including Nebius Group N.V., Stmicroelectronics, Sharonai Holdings Inc, Keel Infrastructure Corp, and Vishay, alongside legacy exposure to Infosys Ltd—a portfolio construction that reflected Aschenbrenner's conviction that power, compute, and storage bottlenecks, rather than chip designers, would capture the greatest upside from the coming intelligence explosion.

New Investments

Nebius Group N.V.

Leopold Aschenbrenner bought $1.23B of Nebius Group N.V. in Q2 2026. Over the last twelve months, Nebius has evolved from its Yandex heritage into a focused AI infrastructure provider, building full‑stack GPU‑based cloud platforms and tools for global developers while rapidly scaling revenue from a relatively small base. Performance has accelerated over the last two quarters, with Q1 2026 swinging to net income from continuing operations of $621.2 million versus a $104.3 million loss a year earlier on a revaluation gain, and Q2 2026 benefitting from booming AI infrastructure demand that enabled larger contracts, higher pricing, and a post‑earnings share price jump of more than 20%, indicating the market is reassessing the company’s growth and profitability potential. Headline net income and reported sales growth remain volatile due to divestments and early‑stage scaling—with trailing revenue around $582.3 million, EBITDA of $83.8 million, and cash and equivalents of $2.45 billion—but core AI infrastructure growth, prior ARR guidance raises, and a strong balance sheet position the stock’s fundamentals to benefit from sustained demand for AI compute and cloud services.

• Trailing twelve‑month sales are approximately $582.3 million with reported sales growth of -98.59% year over year and EBITDA of $83.8 million..
• Q1 2026 net income from continuing operations was $621.2 million versus a net loss of $104.3 million in Q1 2025, driven primarily by revaluation gains on the ClickHouse investment..
• Q4 2024 revenue reached $37.9 million, up 466% year over year, with core AI infrastructure revenue up 602%, full‑year 2024 revenue of $117.5 million (+462% YoY), and cash and equivalents of $2,449.6 million..

Stmicroelectronics

Leopold Aschenbrenner bought $584.34M of Stmicroelectronics in Q2 2026. Over the last two quarters, STMicroelectronics has shown a strong inflection in growth, with Q2 2026 net revenues rising to $3.49 billion (up 26% year over year and 12.7% sequentially) and non‑GAAP EPS climbing to $0.31, a sharp improvement from the prior year’s loss position. Sequential momentum is positive, as Q1 2026 delivered net revenues of $3.10 billion with GAAP gross margin of 33.8% and non‑GAAP operating income of $171 million, followed by Q2 2026 non‑GAAP operating margin expanding to 7.7% and non‑GAAP net income reaching $291 million, indicating the business is currently gaining rather than declining. Near‑term upside in value is supported by robust demand from cloud, AI, satellite, communication equipment, computer and automotive end‑markets, alongside strategic portfolio expansion via the NXP MEMS sensor acquisition that temporarily pressured Q1 free cash flow but enhances long‑term growth drivers.

• $3.49 billion Q2 2026 net revenues, up 26.0% year over year and 12.7% sequentially..
• Q2 2026 non‑GAAP gross margin 35.2%, non‑GAAP operating margin 7.7%, non‑GAAP EPS $0.31 vs $0.06 a year earlier..
• Q1 2026 net revenues $3.10 billion, GAAP gross margin 33.8%, non‑GAAP operating income $171 million, and non‑GAAP EPS $0.13..

Sharonai Holdings Inc

Leopold Aschenbrenner bought $456.84M of Sharonai Holdings Inc in Q2 2026. The position adds exposure to a high-growth AI infrastructure and GPU cloud operator whose shares are trading in the low-$70s, having swung between $1.90 and $178.00 over the past 52 weeks, underscoring elevated volatility relative to more established infrastructure peers. Over the last two quarters, the stock has moved from extreme early volatility to a more range-bound trade, with Q2 2026 earnings prompting a post-report selloff even as the company continues to expand its neocloud and GPU-as-a-Service platforms, signaling near-term investor caution despite structural demand for AI compute. The key upside catalyst in the current quarter is the strategic collaboration with NVIDIA to deploy a 72MW AI factory and up to 40,000 Grace Blackwell GPUs in Australia, which, if executed effectively, should materially increase capacity, revenue visibility, and potential valuation over the next several quarters.

• Shares recently trading around $72.02, versus a $40.09–$92.70 50-day range and $1.90–$178.00 52-week range, highlighting high short-term and long-term volatility..
• Market capitalization estimated between roughly $1.21 billion and $2.5 billion, with approximately 35.8 million shares outstanding, reflecting a mid-cap, high-beta AI infrastructure pure play..
• P/E ratio currently N/A due to limited earnings, so upside depends on translating new GPU capacity—including up to 40,000 NVIDIA Grace Blackwell GPUs—into EBITDA and cash-flow growth..

Keel Infrastructure Corp

Leopold Aschenbrenner bought $151.83M of Keel Infrastructure Corp in Q2 2026. Over the past two quarters, the company’s fundamentals have been volatile but still negative, with Q1 2026 adjusted EBITDA of -$17 million (a -45% margin) versus $7 million and a 14% margin in Q1 2025, and Q2 2026 EPS of -0.11 on a net loss of $65 million that nonetheless represents roughly 1,000% year-over-year improvement in per-share results. Despite this progress in the current quarter, trailing twelve-month net income of about -$433.8 million and EPS of -0.75 highlight that the company remains in a heavy investment phase, with losses widening by approximately 575% year over year even as it builds a 2.2 GW pipeline of AI and high-performance computing data-center and energy infrastructure across key North American power markets. Recent strategic milestones—including rebranding and U.S. redomiciliation from Bitfarms, inclusion in the Russell 3000 Index, a large convertible senior notes financing, and a multi-year shift from bitcoin mining toward dedicated HPC and AI infrastructure under a refreshed leadership team—create potential upside catalysts for valuation if the company can translate its growing asset base into positive EBITDA and narrowing losses in coming quarters.

• Q2 2026 EPS -0.11 on a net loss of $65 million, versus trailing twelve-month EPS of -0.75.
• Q1 2026 adjusted EBITDA -$17 million, or -45% of revenue, compared with $7 million and a 14% margin in Q1 2025.
• Trailing twelve-month net income -$433.8 million, a year-over-year deterioration of about 574.96%.

Vishay

Leopold Aschenbrenner bought $20.17M of Vishay in Q2 2026. Over the last two quarters, Vishay has moved from modest recovery to clear acceleration, with Q2 2026 adjusted revenue rising to $919 million (up 9.5% sequentially and 20.5% year over year), gross margin improving to 23.3%, and operating margin doubling to 6.0%. This marks a sharp improvement from Q1 2026, when revenue was $839 million, gross margin 21.0%, operating margin 2.6%, and EPS just $0.05, underscoring rapid profitability gains and execution on the Vishay 3.0 margin-expansion strategy that targets growth above industry levels. With book-to-bill at 1.32, backlog around 6.1 months, industrial demand up over 30% year over year, and new EV-focused optocouplers and Y1 safety capacitors launched alongside a $750 million common stock offering to fund growth, the company appears to be gaining momentum and supports potential valuation upside versus peers.

• Q2 2026 adjusted revenue increased 20.5% year over year and 9.5% sequentially to $919M.
• Q2 2026 diluted EPS rose to $0.19, versus $0.05 in Q1 2026 and above the $0.15 consensus estimate.
• Adjusted EBITDA margin expanded from 9.3% in Q1 2026 to 11.4% in Q2 2026, while gross margin improved from 21.0% to 23.3%.

Cerebras Systems Inc

Leopold Aschenbrenner bought $2.21M of Cerebras Systems Inc in Q2 2026. Over the last 12 months, the company has scaled revenue from $290 million in 2024 to $510 million in 2025 (up ~76% year over year) and delivered Q1 FY26 GAAP revenue of $193.4 million, up 94% YoY and 13% sequentially, underscoring strong AI infrastructure demand. In the current quarter, Q2 FY26 revenue declined sequentially to $180.1 million while H1 revenue reached $373.5 million and losses widened, triggering a post‑earnings share-price drop of roughly 14–16% as investors reacted to softer quarter-on-quarter trends and profitability. Despite this pullback, the company raised its 2026 adjusted revenue outlook to $880–$890 million from $855–$865 million and enters the next quarter with a large AI backlog, a multi-year OpenAI infrastructure agreement, and over $7 billion of recent IPO, equity, and credit capacity, suggesting continued high growth potential but with elevated execution and competitive risk versus AI hardware peers.

• Q1 FY26 GAAP revenue was $193.4 million, up 13% sequentially and 94% year over year..
• Q2 FY26 revenue was $180.1 million, bringing H1 FY26 revenue to $373.5 million, alongside higher operating losses versus the prior year..
• 2026 adjusted revenue guidance increased to $880–$890 million from a prior range of $855–$865 million after H1, implying H2 growth of roughly 35–40% versus H1..

Added, Trimmed, and Exited

Added

Situational Awareness added meaningfully to several existing long positions, led by big share increases in Micron (+4.81M shares, position value jumping from just $5.9M to $5.57B), SanDisk (+1.36M shares, value rising from $724M to $5.67B), and TSMC (+2.63M shares, value from $7.6M to $1.27B), alongside continued buying in Riot Platforms (+5.6M shares), Hive Digital Technologies Lt (+5.74M shares), Applied Digital (+1.91M shares), Coreweave Inc (+302K shares), and smaller adds to ProPetro, Babcock & Wilcox Enterprises, and Solaris Energy Infras Inc.
What it means: The dramatic scale-up in Micron, SanDisk, and TSMC common share exposure — paired with the simultaneous liquidation of put options on these same names (detailed below) — signals a decisive shift from a hedged/bearish stance on core AI semiconductor and memory suppliers to an outright bullish long position. Combined with continued accumulation in bitcoin-miner-turned-AI-infrastructure names like Riot Platforms, Hive Digital Technologies Lt, and Applied Digital, this reflects growing conviction that the "picks-and-shovels" layer of AI infrastructure — chips, memory, and repurposed data-center capacity — is entering a durable up-cycle.

Trimmed

The fund trimmed T1 Energy Inc by roughly half (-5.1M shares, from 10M to 4.9M), reduced Iren Limited by 2.22M shares, and cut its Bloom Energy call option exposure by 262,700 shares.
What it means: These trims are modest relative to the scale of new buying elsewhere and appear to reflect selective profit-taking or portfolio rebalancing within energy-adjacent AI infrastructure plays rather than a broader loss of conviction, especially since T1 Energy Inc and Iren Limited still retain substantial residual positions.

Exited

The most striking change is the wholesale unwind of a large book of put options across chip and AI-infrastructure names — including puts on the VanEck ETF (Semiconductor ETF), NVIDIA, Oracle, Broadcom, AMD, Micron, TSMC, ASML Hldg Nv N Y Registry, Intel, and Corning — together with call option exits in SanDisk and Coreweave Inc, plus outright common stock sales of Power Solutions Intl Inc. The exit of Bitfarms common shares and the "Com Cl A Added" tranche of Sharonai Holdings Inc largely reflect corporate restructuring rather than true divestment, as Bitfarms rebranded and redomiciled as the newly initiated Keel Infrastructure Corp position and Sharonai Holdings Inc shares were consolidated into a single new class.
What it means: Closing out an extensive, multi-billion-dollar hedge/short book of puts on virtually every major chip and AI hardware name — right as the fund simultaneously built large long positions in Micron, SanDisk, and TSMC and initiated new stakes in Nebius Group N.V., Stmicroelectronics, and Sharonai Holdings Inc — marks a clear directional pivot from a hedged or cautious Q1 2026 posture to an aggressively bullish, high-conviction bet on the AI infrastructure buildout for Q2 2026.

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.