LEOPOLD’S FUND JUST MADE THE AI TRADE LOOK VERY DIFFERENT Situational Awareness filed a fresh 13F $13.68B reported across 42 holdings last quarter it was $5.52B The loud part is where he is betting against the chip trade SMH: $2.04B Nvidia: $1.57B Oracle: $1.07B Broadcom: $1.01B AMD: $969M Micron: $584M TSM: $535M ASML: $494M all listed as puts Then you get the names he actually wants exposure to Bloom Energy: $879M SanDisk: $724M CoreWeave: $556M IREN: $401M Core Scientific: $389M Applied Digital: $320M Riot: $142M CleanSpark: $104M Leopold got famous for the AGI trade His filing shows the AI trade is not just chips anymore The money is also going into power contracts, data centers, storage and miners Miners are suddenly back in the AI trade