Key points
- Situational Awareness reported $8.46B of put positions on March 31 and a single $5.2M put on June 30.
- SanDisk (SNDK) at $5.67B and Micron (MU) at $5.57B were 55% of the fund's $20.24B portfolio on June 30.
- Nebius (NBIS) at $1.23B and STMicroelectronics (STM) at $584.3M are positions the fund did not report in March.
Situational Awareness LP, the fund run by Leopold Aschenbrenner, closed 13 of the 16 options positions it held three months earlier and moved into shares of two memory chipmakers. Its June 30 filing lists SanDisk at $5.67 billion and Micron at $5.57 billion, together 55 percent of a $20.24 billion US stock portfolio. The fund filed the report on Aug. 14, 2026 and disclosed 26 positions in total.
What the fund reported
Situational Awareness LP is the fund Leopold Aschenbrenner started after leaving OpenAI, and I've been reading its filings since it first showed up on our tracker. This one is the cleanest quarter-over-quarter change I've seen from it. Here are the five largest positions as of June 30, 2026.
| Company | Shares | Value | Share of portfolio |
|---|---|---|---|
| SanDisk (SNDK) | 2,495,344 | $5.67B | 28.0% |
| Micron (MU) | 4,828,786 | $5.57B | 27.5% |
| Bloom Energy (BE) | n/a | $1.90B | 9.4% |
| Taiwan Semiconductor (TSM) | n/a | $1.27B | 6.3% |
| Nebius (NBIS) | 4,464,260 | $1.23B | 6.1% |
What the filings show
The March filing carried 16 option lines. Eleven were puts, worth $8.46 billion of reported value.
| Put position, March 31 | Reported value |
|---|---|
| VanEck ETF | $2.04B |
| Nvidia (NVDA) | $1.57B |
| Oracle (ORCL) | $1.07B |
| Broadcom (AVGO) | $1.01B |
| AMD | $969.2M |
| Micron (MU) | $583.7M |
| Taiwan Semiconductor (TSM) | $535.1M |
| ASML | $494.1M |
| Intel (INTC) | $159.1M |
| Corning (GLW) | $21.0M |
| Infosys (INFY) | $6.8M |
The June filing carries three option lines. One is a put on Infosys, worth $5.2 million. The other two are calls on Bloom Energy and Taiwan Semiconductor.
What replaced them is ordinary stock. The fund reported 4,828,786 Micron shares in June against a token holding in March, and its SanDisk share count came close to doubling. Nebius and STMicroelectronics are both new to the June filing. The Taiwan Semiconductor stake moved from a small equity line plus options into $1.27 billion of shares.
What a 13F does not show, and it matters here
A 13F reports what a manager held on the last day of the quarter, and only for US-listed securities. It doesn't say when in those three months anything was bought or why. It also leaves out short sales, foreign listings, and cash. Our guide to reading these filings walks through the rest of it.
The gap that matters most for this filing is the reason behind an options line. A large put position can be a bet that a stock falls. It can also be protection wrapped around shares of the same company, one leg of a spread, or a financing structure. A 13F prints the same row either way, so the honest reading of a fund closing $8.46 billion of puts is that it stopped holding them, not that it changed its mind about the companies. We put his positions next to Citadel's after Citadel filed its own June 30 report, and the same ambiguity ran through both.
The dates are worth lining up, because Citadel bought this fund's book and it's easy to assume that is what happened here. This filing freezes the portfolio at June 30. The Citadel block sale came at the end of July, about a month later. So the 13 options positions were already gone before that sale, closed during the second quarter while Aschenbrenner still ran the book. What Citadel did with what it bought will show up in the next 13F, due in mid-November. This report cannot say where or at what price any of it traded, only what was on the books on one day.
The second gap is Aschenbrenner's holdings outside the US. He built a stake in Japan's Taiyo Yuden that a US 13F would never have shown, which we covered when the position turned up in Japanese disclosures. Whatever this filing leaves out is not necessarily small.
What changed since June 30
These values are frozen at June 30, so seven weeks of price action sits between the filing and today. SanDisk and Micron have both come down from where they were marked. The filing implies about $2,272 a share for SanDisk and about $1,153 for Micron on June 30, and both trade below those levels as of Aug. 17. A reader looking at this filing today is looking at a snapshot, not a current statement of what the fund owns.
The concentration survives the price moves. Two companies at 55 percent of a $20.24 billion portfolio is heavy concentration for a fund this size, and both of them sell the same thing. Memory has been the tight spot in the AI buildout all year, which Dennis Singleton laid out in his piece on the shortage.
What this does, and does not, signal
It shows a fund that reported a large derivatives book in March and almost none in June, holding shares instead. It doesn't show conviction, timing or return. Aschenbrenner could have closed those options at a profit or a loss, and the filing says nothing either way. It also can't tell you whether the memory positions were bought in April or on June 29.
The full record sits on our Situational Awareness page, which updates as new filings post.
Sources
- SEC Form 13F-HR for Situational Awareness LP, period ended June 30, 2026, filed Aug. 14, 2026 (accession 0000935836-26-000418): 26 positions, $20.24 billion total, SanDisk 2,495,344 shares at $5.67 billion, Micron 4,828,786 shares at $5.57 billion, Nebius 4,464,260 shares at $1.23 billion, STMicroelectronics 7,802,700 shares at $584.3 million, three option lines
- SEC Form 13F-HR for Situational Awareness LP, period ended March 31, 2026: 16 option lines including 11 puts totaling $8.46 billion
Last updated Aug. 17, 2026.
