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Leopold Aschenbrenner - Situational Awareness Portfolio & 13F Holdings (Q1 2026)
Leopold Aschenbrenner, a former OpenAI researcher and author of the influential essay "Situational Awareness: The Decade Ahead," founded Situational Awareness LP — an AI-thesis hedge fund whose 13F drew wide attention for large semiconductor and AI put-option positions alongside select AI-infrastructure longs.Leopold Aschenbrenner - Situational Awareness manages a $14B U.S. equity portfolio of 42 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find every holding, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
This is a market-maker, quant, macro-ETF, or broad-mandate filer. Its 13F reflects trading and inventory — often dominated by index ETFs and option notional — rather than conviction stock-picking, so it's excluded from the site's Combined AUM, Consensus Picks, and Biggest Moves. The portfolio value below is the total value reported on the 13F.
Portfolio Value
$14B
Positions
42
Top 10 Weight
72.66%
Largest Position
14.94%
As of
Q1 2026
Filed
May 18, 2026
Portfolio Composition
VANECK ETF TRUST14.94%NVIDIA CORPORATION11.47%ORACLE CORP7.84%Broadcom Inc7.36%ADVANCED MICRO DEVICES INC7.09%
Strategy Snapshot
- › Portfolio value rose 147.9% quarter-over-quarter to $14B.
- › Concentrated portfolio — the top 10 holdings make up 72.7% of assets.
- › This quarter: 23 new buys, 9 adds, 4 trims, 10 full exits — net buyer
- › Biggest new buy: VANECK ETF TRUST (SMH) ($2.0B)
- › Biggest exit: INTEL CORP (INTC) ($747M position closed)
Changes since Q4 2025
New Buys
Added To / Trimmed
- COREWEAVE INC (CRWV)−83.2%
- Bloom Energy Corp (BE)−35.6%
- IREN LIMITED++34.5%
- CLEANSPARK INC (CLSK)++648.4%
- COREWEAVE INC (CRWV)++17.7%
- RIOT PLATFORMS INC (RIOT)++86.5%
- Sandisk Corp (SNDK)++8.2%
- APPLIED DIGITAL CORP (APLD)++18.9%
- SOLARIS ENERGY INFRAS INC (SEI)−40.8%
- CORE SCIENTIFIC INC NEW (CORZ)−9.6%
Exited
Current Holdings
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | VANECK ETF TRUSTPUT SMH | $2.0B | 14.94% | — | $611.61 | — | −9.0% | NEW | — | — |
| 2 | NVIDIA CORPORATIONPUT NVDA | $1.6B | 11.47% | — | $192.53 | — | −18.6% | NEW | — | — |
| 3 | ORACLE CORPPUT ORCL | $1.1B | 7.84% | — | $148.53 | — | −57.0% | NEW | — | — |
| 4 | Broadcom IncPUT AVGO | $1.0B | 7.36% | — | $365.02 | — | −26.3% | NEW | — | — |
| 5 | ADVANCED MICRO DEVICES INCPUT AMD | $969M | 7.09% | — | $521.58 | — | −7.4% | NEW | — | — |
| 6 | Bloom Energy Corp BE | $879M | 6.42% | $86.89 | $252.02 | +190.0% | −28.3% | −35.6% | Sold Q1 2026 | Q4 2025 |
| 7 | Sandisk Corp SNDK | $724M | 5.30% | $254.74 | $2090.71 | +720.7% | −11.2% | +8.2% | Bought Q1 2026 | Q3 2025 |
| 8 | MICRON TECHNOLOGY INCPUT MU | $584M | 4.27% | — | $1132.33 | — | −9.8% | NEW | — | — |
| 9 | COREWEAVE INC CRWV | $556M | 4.07% | $109.90 | $96.58 | −12.1% | −44.3% | +17.7% | Bought Q1 2026 | Q3 2025 |
| 10 | Taiwan Semiconductor ManufacPUT TSM | $535M | 3.91% | — | $432.35 | — | −9.3% | NEW | — | — |
| 11 | ASML HOLDING N VPUT ASML | $494M | 3.61% | — | $1794.62 | — | −8.4% | NEW | — | — |
| 12 | MICRON TECHNOLOGY INCCALL MU | $422M | 3.09% | — | $1132.33 | — | −9.8% | NEW | — | — |
| 13 | IREN LIMITED | $401M | 2.93% | $22.39 | — | — | — | +34.5% | Bought Q1 2026 | Q1 2025 |
| 14 | CORE SCIENTIFIC INC NEW CORZ | $389M | 2.84% | $15.14 | $27.20 | +79.6% | −10.7% | −9.6% | Sold Q1 2026 | Q1 2025 |
| 15 | Sandisk CorpCALL SNDK | $389M | 2.84% | — | $2090.71 | — | −11.2% | NEW | — | — |
| 16 | Taiwan Semiconductor ManufacCALL TSM | $355M | 2.59% | — | $432.35 | — | −9.3% | NEW | — | — |
| 17 | APPLIED DIGITAL CORP APLD | $320M | 2.34% | $16.67 | $39.16 | +134.9% | −22.8% | +18.9% | Bought Q1 2026 | Q1 2025 |
| 18 | INTEL CORPPUT INTC | $159M | 1.16% | — | $128.32 | — | −9.3% | NEW | — | — |
| 19 | RIOT PLATFORMS INC RIOT | $142M | 1.04% | $14.51 | $28.57 | +96.9% | −5.8% | +86.5% | Bought Q1 2026 | Q3 2025 |
| 20 | COREWEAVE INCCALL CRWV | $141M | 1.03% | — | $96.58 | — | −44.3% | −83.2% | — | — |
| 21 | CLEANSPARK INC CLSK | $104M | 0.76% | $8.73 | $16.33 | +87.2% | −30.8% | +648.4% | Bought Q1 2026 | Q4 2025 |
| 22 | SOLARIS ENERGY INFRAS INC SEI | $62M | 0.46% | $42.27 | $76.80 | +81.7% | −10.9% | −40.8% | Sold Q1 2026 | Q3 2025 |
| 23 | Bloom Energy CorpCALL BE | $55M | 0.40% | — | $252.02 | — | −28.3% | UNCH | — | — |
| 24 | T1 ENERGY INC TE | $44M | 0.32% | $4.39 | $8.21 | +87.0% | −34.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 25 | BITFARMS LTD 1B2 | $39M | 0.28% | $2.09 | — | — | — | +188.2% | Bought Q1 2026 | Q4 2025 |
| 26 | BITDEER TECHNOLOGIES GROUP | $30M | 0.22% | $11.57 | — | — | — | +92.4% | Bought Q1 2026 | Q3 2025 |
| 27 | POWER SOLUTIONS INTL INC PSIX | $26M | 0.19% | $57.14 | $37.99 | −33.5% | −68.8% | UNCH | Bought Q4 2025 | Q4 2025 |
| 28 | CORNING INCPUT GLW | $21M | 0.15% | — | $221.05 | — | −4.1% | NEW | — | — |
| 29 | WHITEFIBER INC | $21M | 0.15% | $15.80 | — | — | — | UNCH | Bought Q4 2025 | Q4 2025 |
| 30 | ADVANCED MICRO DEVICES INC AMD | $20M | 0.15% | $203.43 | $521.58 | +156.4% | −7.4% | NEW | Bought Q1 2026 | Q1 2026 |
| 31 | BABCOCK & WILCOX ENTERPRISES BW | $20M | 0.15% | $6.34 | $14.45 | +127.9% | −34.4% | UNCH | Bought Q4 2025 | Q4 2025 |
| 32 | SHARONAI HOLDINGS INC SHAZ | $18M | 0.13% | $22.73 | $82.05 | +261.0% | −15.8% | NEW | Bought Q1 2026 | Q1 2026 |
| 33 | PROPETRO HLDG CORP PUMP | $13M | 0.10% | $9.51 | $14.80 | +55.6% | −20.0% | UNCH | Bought Q4 2025 | Q4 2025 |
| 34 | VANECK ETF TRUST SMH | $10M | 0.08% | $383.40 | $611.61 | +59.5% | −9.0% | NEW | Bought Q1 2026 | Q1 2026 |
| 35 | INTEL CORP INTC | $8.9M | 0.07% | $44.13 | $128.32 | +190.8% | −9.3% | +20234300.0% | Bought Q1 2026 | Q4 2025 |
| 36 | Taiwan Semiconductor Manufac TSM | $7.6M | 0.06% | $337.95 | $432.35 | +27.9% | −9.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 37 | INFOSYS LTDPUT INFY | $6.8M | 0.05% | — | $10.78 | — | −64.1% | UNCH | — | — |
| 38 | HIVE DIGITAL TECHNOLOGIES LT HIVE | $6.4M | 0.05% | $1.90 | $4.03 | +112.1% | −48.6% | NEW | Bought Q1 2026 | Q1 2026 |
| 39 | ASML HOLDING N V ASML | $6.1M | 0.04% | $1320.83 | $1794.62 | +35.9% | −8.4% | NEW | Bought Q1 2026 | Q1 2026 |
| 40 | MICRON TECHNOLOGY INC MU | $5.9M | 0.04% | $337.84 | $1132.33 | +235.2% | −9.8% | NEW | Bought Q1 2026 | Q1 2026 |
| 41 | CORNING INC GLW | $718K | 0.01% | $135.97 | $221.05 | +62.6% | −4.1% | NEW | Bought Q1 2026 | Q1 2026 |
| 42 | NVIDIA CORPORATION NVDA | $498K | 0.00% | $174.40 | $192.53 | +10.4% | −18.6% | NEW | Bought Q1 2026 | Q1 2026 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $14B | +147.9% | 42 | May 18, 2026 |
| Q4 2025 | $5.5B | +33.3% | 29 | Feb 11, 2026 |
| Q3 2025 | $4.1B | +94.9% | 28 | Nov 14, 2025 |
| Q2 2025 | $2.1B | +111.1% | 9 | Aug 14, 2025 |
| Q1 2025 | $1.0B | +294.6% | 12 | May 14, 2025 |
| Q4 2024 | $255M | — | 6 | Feb 12, 2025 |
Frequently Asked Questions
What stocks does Leopold Aschenbrenner - Situational Awareness own?
As of Q1 2026, Leopold Aschenbrenner - Situational Awareness held 42 U.S.-listed positions worth $14B. The largest is VANECK ETF TRUST (SMH) (14.94% of the portfolio). The full holdings list is in the table above.
What is Leopold Aschenbrenner - Situational Awareness's largest holding?
VANECK ETF TRUST (SMH) — about 14.94% of the equity portfolio as of Q1 2026.
What did Leopold Aschenbrenner - Situational Awareness buy recently?
Their biggest new position last quarter was VANECK ETF TRUST (SMH) ($2.0B).
Do these holdings reflect Leopold Aschenbrenner - Situational Awareness's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.