BlockBeats report: On August 15, SEC filings showed that Situational Awareness LP, managed by Leopold Aschenbrenner, significantly rebalanced its portfolio by the end of the second quarter of 2026, shifting from a mixed long-short equity position in the first quarter to a highly concentrated long position in AI hardware and infrastructure.
Compared to the previous 13F filing, as of June 30, 2026, the fund’s most significant changes were concentrated in the memory chip sector. Micron’s position surged from approximately $58.6 million at the end of the first quarter to about $5.574 billion; SanDisk’s position increased from approximately $724 million to about $5.674 billion. By the end of the second quarter, Micron and SanDisk together accounted for approximately 55% of its publicly disclosed equity portfolio, becoming the largest risk exposure in the portfolio.
Meanwhile, Situational Awareness has further expanded its AI infrastructure holdings. Bloom Energy’s position has increased to approximately $1.899 billion, TSMC ADR to approximately $1.265 billion, and a new position of approximately $1.233 billion has been established in Nebius. Additionally, key holdings now include CoreWeave, Core Scientific, Applied Digital, IREN, Riot, and other stocks related to computing power, electricity, data centers, and mining.
Notably, as of the end of the first quarter, the fund still held a significant number of put options, including those linked to SMH, NVIDIA, Broadcom, AMD, Oracle, Micron, and TSMC; however, by the end of the second quarter, these hedging positions were substantially reduced, and the portfolio’s risk profile became clearly concentrated in AI long positions.
Recent market conditions have also confirmed the significant volatility along this trading chain. Since July, AI chip and memory sectors have experienced multiple sell-offs, with related stocks such as Micron, SanDisk, and SK Hynix facing sustained pressure, causing the Philadelphia Semiconductor Index to record one of its rare monthly drawdowns in years. However, in August, as inflation data cooled and sentiment around AI earnings improved, stocks like SanDisk, Micron, CoreWeave, and Nebius rebounded sharply, with major U.S. indices once again approaching or surpassing their previous highs.
This means that, at the end of the second quarter, Leopold’s public equity portfolio was in an extremely sensitive position: it stood to gain significantly from narratives around AI compute, storage, and power on the upside, but on the downside, multiple highly correlated positions would simultaneously come under pressure. When combined with leverage and margin calls, even a simple sector pullback could rapidly escalate into a liquidity crisis.
Looking at the two 13F filings, the key stocks responsible for Situational Awareness’s steep decline in July are likely concentrated in AI hardware and infrastructure names such as Micron, SanDisk, Bloom Energy, TSMC, Nebius, CoreWeave, Core Scientific, Applied Digital, IREN, and Riot. Notably, Micron and SanDisk together accounted for nearly half of the portfolio by the end of the second quarter, making them the most critical positions to examine in this liquidation event.