Huo Xing Cai Jing reports that on Friday, September 19, approximately $960 million in short-term call options surged into SanDisk (SNDK), Micron (MU), Intel (INTC), and Marvell (MRVL), with SanDisk briefly rising over 11%. All these options expire on October 2. Trading data shows approximately 10,000 call options for Micron, 4,200 for SanDisk, 20,000 for Intel, and 3,500 for Marvell, with a combined premium of about $960 million. CNBC host Jim Cramer posted on X that the trading pattern “looks exactly like Leopold is back,” pointing to AI investor Leopold Aschenbrenner and his fund, Situational Awareness. Regulatory filings show that Situational Awareness’s two largest positions prior to this were SanDisk and Micron, with holdings of approximately $5.7 billion and $5.6 billion respectively at the end of June. On September 11, the Financial Times reported that Aschenbrenner had rebuilt positions in AMD, Intel, SK Hynix, SanDisk, and CoreWeave using flexible options. At the time, Nomura strategist Charlie McElligott observed that cumulative option premiums flowing into AI and semiconductor names had reached approximately $315 million over several days. Aschenbrenner previously gained attention for highly leveraged bets on AI and semiconductors; his fund plunged 67% during the AI sector’s pullback in July, after which it significantly reduced exposure. In a letter to investors at the end of July, he stated he would “learn necessary lessons” and pledged that future public market investments would be managed on a “fully paid basis.” Currently, SEC filings have not disclosed the identity of the buyer behind these nearly $1 billion in options, so it remains unconfirmed whether the trades originated from Aschenbrenner. Unlike his previous use of total return swaps for leverage, this time the market speculates he employed fully paid options, whose maximum theoretical loss is capped at the paid premium—but the short duration implies high time decay and significant gamma risk.
Over $96 million in short-term call options flood storage chip stocks; 'AI investor' Leopold rumored to reemerge
MarsBitShare
Summary
According to MarsBit, over $96 million in short-term call options were purchased on storage chip stocks including SanDisk (SNDK), Micron (MU), Intel (INTC), and Marvell (MRVL) on September 19. SanDisk surged more than 11% at one point, with options set to expire on October 2. The activity has fueled speculation about the return of AI investor Leopold Aschenbrenner, known for his options strategy. His fund, Situational Awareness, previously held significant positions in these companies. Although he reduced his stakes following a 67% loss in July, reports indicate he is now rebuilding exposure in AI and semiconductors. The options trading activity remains unconfirmed as linked to him pending SEC verification.
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