Lead Investor
Leopold Aschenbrenner
Situational Awareness LP
AUM Reported
$5.5B
Positions
29
Versus
Q3 2025
What changed this quarter
Doubled down on AI-power infrastructure: $911M new equity stake in Bloom Energy (after exiting Q3 convertible notes), plus a $479M Lumentum opener and $154M Cipher Mining equity. Exited prior-quarter AI positions worth $299M in NVIDIA, $252M in Vistra, $196M in the Gold Miners ETF, plus the CoreWeave puts — driving a +13pp swing into the AI-power theme.
+11 new−10 closed↔3 activity↑13 increased↓0 decreased| 1 unchangedreported 13F value change +$1.4B
Exposure view
Quarter-end weights. Market performance can move these bars even when shares are unchanged.
Sector exposure shifts
Theme exposure shifts
Granular exposure coverage: 98.9% of AUM
Granular exposure shifts
Activity view
Estimated buy/sell decisions from active share-count changes. Unchanged winners are excluded.
Theme activity
theme-tagged bought $4.5B sold $1.6B net +$2.8B
Estimated capital bought/sold from new, closed, increased, decreased, and buy/sell activity rows. Unchanged positions are excluded so market gains do not drive this view. Multi-theme positions count once in each assigned theme.
Granular activity
granular-tagged bought $3.2B sold $1.3B net +$2B
Grouped by granular sub-tags using the same estimated buy/sell methodology.
Position movements
Largest adds
BE
BLOOM ENERGY CORP- A
CRWV
COREWEAVE INC-CL A
LITE
LUMENTUM HOLDINGS INC
Largest exits / trims
NVDA
NVIDIA CORP
VST
VISTRA CORP
GDX
VANECK GOLD MINERS ETF
Price = reported fair value divided by reported shares at quarter-end. Since q-end shows price change since the end of the reported quarter; ordinary-share rows also include estimated value move, while shaded option rows show underlying stock move only and sort after ordinary equity.
| Ticker | Name | Sector | Themes | Granular | Price* / value | Since q-end* | Net |
|---|---|---|---|---|---|---|---|
| LITEactivity | LUMENTUM HOLDINGS INC | Information Technology / Communication Equipment | AI compute | Photonics | Bought$368.59$479M Soldconv. note$68M | +$718M (+150.0%) | +$411M |
| CIFRactivity | CIPHER MINING INC | Information Technology / Information Technology Services | Bitcoin mining, AI infrastructure - power | Bitcoin / HPC miners | Bought$14.76$155M Soldconv. note$72M | +$102M (+66.0%) | +$82M |
| BEactivity | BLOOM ENERGY CORP- A | Industrials / Electrical Equipment & Parts | AI infrastructure - power | Fuel cells | Bought$86.89$911M Soldconv. note$56M | +$1.7B (+199.5%) | +$855M |
| Ticker | Name | Sector | Themes | Granular | Price* | Since q-end* | Size | Change |
|---|---|---|---|---|---|---|---|---|
| KRC | KILROY REALTY CORP | Real Estate / REIT - Office | - | - | $37.37 | +$1M (+2.7%) | $50M | NEW |
| WYFI | WHITEFIBER INC | Information Technology / IT Services | AI infrastructure - datacenter | AI datacenter hosting | $15.80 | +$16M (+56.3%) | $28M | NEW |
| PSIX | POWER SOLUTIONS INTERNATIONA | Industrials / Specialty Industrial Machinery | AI infrastructure - power | Power equipment | $57.14 | -$7M (-28.7%) | $25M | NEW |
| CLSK | CLEANSPARK INC | Financials / Capital Markets | Bitcoin mining | Bitcoin / HPC miners | $10.12 | +$10M (+62.8%) | $17M | NEW |
| BITF | BITFARMS LTD | Information Technology / IT Services | Bitcoin mining | Bitcoin / HPC miners | $2.35 | - | $16M | NEW |
| LBRT | LIBERTY ENERGY INC | Energy / Oil & Gas Equipment & Services | AI infrastructure - power | Oilfield power services | $18.46 | +$6M (+56.4%) | $10M | NEW |
| PUMP | PROPETRO HOLDING CORP | Energy / Oil & Gas Equipment & Services | AI infrastructure - power | Oilfield power services | $9.51 | +$5M (+63.1%) | $9M | NEW |
| BW | BABCOCK & WILCOX ENTERPR | Industrials / Specialty Industrial Machinery | AI infrastructure - power | Power equipment | $6.34 | +$13M (+153.6%) | $9M | NEW |
| INTC | INTEL CORP | Information Technology / Semiconductors | AI compute | Platform silicon | $37.00 | +$88 (+236.7%) | $37 | NEW |
| EQT | EQT CORP | Energy / Oil & Gas E&P | AI infrastructure - power | Gas peakers / nat-gas E&P | Call option | underlying -3.1% | $38M | NEW |
| INFY | INFOSYS LTD-SP ADR | Information Technology / Information Technology Services | - | - | Put option | underlying -34.1% | $9M | NEW |
| Ticker | Name | Sector | Themes | Granular | Price* | Since q-end* | Size | Change |
|---|---|---|---|---|---|---|---|---|
| SNDK | SANDISK CORP | Information Technology / Computer Hardware | AI compute | Storage media | $112.20 -> $237.38 | +$1.8B (+734.1%) | +816.7% | +$237M |
| APLD | APPLIED DIGITAL CORP | Information Technology / Information Technology Services | AI infrastructure - datacenter, Bitcoin mining | AI datacenter hosting | $22.94 -> $24.52 | +$206M (+74.1%) | +87.0% | +$139M |
| CRWV | COREWEAVE INC-CL A | Information Technology / Software - Infrastructure | AI infrastructure - datacenter, AI compute | Accelerated cloud | $136.85 -> $71.61 | +$176M (+40.4%) | +48.2% | -$126M |
| COHR | COHERENT CORP | Information Technology / Scientific & Technical Instruments | AI compute | Photonics | $107.72 -> $184.57 | +$96M (+108.6%) | +211.1% | +$72M |
| EQT | EQT CORP | Energy / Oil & Gas E&P | AI infrastructure - power | Gas peakers / nat-gas E&P | $54.43 -> $53.60 | -$4M (-3.1%) | +103.9% | +$67M |
| CORZ | CORE SCIENTIFIC INC | Information Technology / Software - Infrastructure | Bitcoin mining, AI infrastructure - datacenter | AI datacenter hosting | $17.94 -> $14.56 | +$375M (+89.6%) | +42.5% | +$57M |
| TSEM | TOWER SEMICONDUCTOR LTD | Information Technology / Semiconductors | AI compute | Specialty foundry | $72.30 -> $117.42 | +$105M (+123.9%) | +53.6% | +$51M |
| SEI | SOLARIS ENERGY INFRASTRUCTUR | Energy / Oil & Gas Equipment & Services | AI infrastructure - power | Oilfield power services | $39.97 -> $45.97 | +$52M (+61.0%) | +62.3% | +$40M |
| HUT | HUT 8 CORP | Financials / Capital Markets | Bitcoin mining, AI infrastructure - power | Bitcoin / HPC miners | $34.81 -> $45.94 | +$63M (+158.7%) | +43.6% | +$19M |
| IREN | IREN LIMITED | Information Technology / IT Services | Bitcoin mining, AI infrastructure - datacenter | AI datacenter hosting | $46.93 -> $37.77 | +$191M (+58.2%) | +20.5% | -$10M |
| RIOT | RIOT PLATFORMS INC | Financials / Capital Markets | Bitcoin mining | Bitcoin / HPC miners | $19.03 -> $12.67 | +$86M (+110.0%) | +71.7% | +$10M |
| BTDR | BITDEER TECHNOLOGIES GROUP | Information Technology / IT Services | Bitcoin mining, AI infrastructure - power | Bitcoin / HPC miners | $17.09 -> $11.21 | +$12M (+59.1%) | +92.3% | +$4M |
| CRWV | COREWEAVE INC-CL A | Information Technology / Software - Infrastructure | AI infrastructure - datacenter, AI compute | Accelerated cloud | Call option | underlying +40.4% | +367.2% | +$458M |
Closed value is the prior quarter-end reported stake value, not realized sale proceeds or fund P/L.
| Ticker | Name | Sector | Themes | Granular | Price* | Since q-end* | Size | Change |
|---|---|---|---|---|---|---|---|---|
| VST | VISTRA CORP | Utilities / Utilities - Independent Power Producers | AI infrastructure - power | Nuclear power | $158.65-$217.10 | - | was $252M | CLOSED |
| GLXY | GALAXY DIGITAL INC-A | Financials / Capital Markets | Bitcoin mining, AI infrastructure - datacenter | AI datacenter hosting | $22.11-$45.92 | - | was $93M | CLOSED |
| WDC | WESTERN DIGITAL CORP - CONV NOTES | Information Technology / Computer Hardware | AI compute | Storage media | conv. note | - | was $18M | CLOSED |
| STX | SEAGATE TECHNOLOGY HOLDINGS PLC | Information Technology / Computer Hardware | AI compute | Storage media | $209.00-$308.93 | - | was $11M | CLOSED |
| NVDA | NVIDIA CORP | Information Technology / Semiconductors | AI compute | GPU / accelerator | Put option | - | was $299M | CLOSED |
| GDX | VANECK GOLD MINERS ETF | Materials / Gold Miners ETF | - | - | Put option | - | was $196M | CLOSED |
| CRWV | COREWEAVE INC-CL A | Information Technology / Software - Infrastructure | AI infrastructure - datacenter, AI compute | Accelerated cloud | Put option | - | was $192M | CLOSED |
| AVGO | BROADCOM INC | Information Technology / Semiconductors | AI compute | AI networking silicon | Put option | - | was $76M | CLOSED |
| TSM | TAIWAN SEMICONDUCTOR-SP ADR | Information Technology / Semiconductors | AI compute | AI foundries | Put option | - | was $75M | CLOSED |
| MU | MICRON TECHNOLOGY INC | Information Technology / Semiconductors | AI compute | HBM memory | Put option | - | was $50M | CLOSED |
Mark-to-market since quarter-end +$5.8Blatest quotes: 6/12/2026
Estimated from reported quarter-end value per share versus latest Yahoo Finance quotes. This is not cost basis or realized fund P/L.
| Ticker | Name | Shares | Q-end px | Latest | Move | Est. value move |
|---|---|---|---|---|---|---|
| SNDK | SANDISK CORP | 1,054,200 | $237.38 | $1,980.10 | +734.1% | +$1.8B |
| BE | BLOOM ENERGY CORP- A | 10,076,022 | $86.89 | $260.22 | +199.5% | +$1.7B |
| LITE | LUMENTUM HOLDINGS INC | 1,298,400 | $368.59 | $921.56 | +150.0% | +$718M |
| CORZ | CORE SCIENTIFIC INC | 28,756,478 | $14.56 | $27.60 | +89.6% | +$375M |
| APLD | APPLIED DIGITAL CORP | 11,339,060 | $24.52 | $42.70 | +74.1% | +$206M |
| IREN | IREN LIMITED | 8,700,621 | $37.77 | $59.77 | +58.2% | +$191M |
| CRWV | COREWEAVE INC-CL A | 6,098,812 | $71.61 | $100.55 | +40.4% | +$176M |
| TSEM | TOWER SEMICONDUCTOR LTD | 723,004 | $117.42 | $262.92 | +123.9% | +$105M |
| CIFR | CIPHER MINING INC | 10,469,093 | $14.76 | $24.50 | +66.0% | +$102M |
| COHR | COHERENT CORP | 480,300 | $184.57 | $385.03 | +108.6% | +$96M |
| RIOT | RIOT PLATFORMS INC | 6,167,700 | $12.67 | $26.61 | +110.0% | +$86M |
| HUT | HUT 8 CORP | 860,200 | $45.94 | $118.86 | +158.7% | +$63M |
| SEI | SOLARIS ENERGY INFRASTRUCTUR | 1,866,500 | $45.97 | $74.01 | +61.0% | +$52M |
| WYFI | WHITEFIBER INC | 1,757,600 | $15.80 | $24.70 | +56.3% | +$16M |
| BW | BABCOCK & WILCOX ENTERPR | 1,353,900 | $6.34 | $16.08 | +153.6% | +$13M |
| BTDR | BITDEER TECHNOLOGIES GROUP | 1,788,000 | $11.21 | $17.83 | +59.1% | +$12M |
| CLSK | CLEANSPARK INC | 1,640,400 | $10.12 | $16.48 | +62.8% | +$10M |
| PSIX | POWER SOLUTIONS INTERNATIONA | 432,300 | $57.14 | $40.72 | -28.7% | -$7M |
| LBRT | LIBERTY ENERGY INC | 567,200 | $18.46 | $28.87 | +56.4% | +$6M |
| PUMP | PROPETRO HOLDING CORP | 910,300 | $9.51 | $15.51 | +63.1% | +$5M |
| EQT | EQT CORP | 2,482,225 | $53.60 | $51.94 | -3.1% | -$4M |
| KRC | KILROY REALTY CORP | 1,327,700 | $37.37 | $38.37 | +2.7% | +$1M |
| INTC | INTEL CORP | 1 | $37.00 | $124.57 | +236.7% | +$88 |
1 position held steady · $747M (13.5% of AUM) click to expand
| Ticker | Name | Sector | Themes | Granular | Shares | Value | % port |
|---|---|---|---|---|---|---|---|
| INTC | INTEL CORP | Information Technology | AI compute | Platform silicon | 20,237,400 | $747M | 13.5% |