Situational Awareness LP, an AI-focused investment fund, has disclosed one of the most concentrated bearish positions against the semiconductor complex seen in recent 13F filings, placing billions of dollars in put options across eight major chip and technology plays.
Fresh 13F data from the U.S. Securities and Exchange Commission (SEC) shows Situational Awareness founder Leopold Aschenbrenner’s bearish positioning is spread across the entire semiconductor ecosystem, from chip designers and equipment makers to the broadest semiconductor ETF.
As of Q1 of 2026, the firm’s largest single bearish position is against the VanEck Semiconductor ETF (SMH) with 5,327,900 puts valued at $2.042 billion, representing 14.94% of the fund’s total portfolio. The second largest is a bet against Nvidia (NVDA), with 8,992,300 puts valued at $1.568 billion, or 11.47% of the portfolio.
The bearish positions extend well beyond the two most prominent AI names. Situational Awareness holds 7,293,000 Oracle (ORCL) puts valued at $1.072 billion, representing 7.84% of the portfolio. Broadcom puts stand at 3,251,100 contracts valued at $1.006 billion, or 7.36% of the portfolio. AMD (AMD) puts total 4,764,100 contracts valued at $969 million, or 7.09% of the portfolio.
The fund also holds bearish positions against Micron Technology to the tune of 1,727,700 puts valued at $583 million. Situational Awareness is also bearish on Taiwan Semiconductor Manufacturing (TSM) with 1,583,400 puts valued at $535 million, as well as on ASML Holding (ASML) with 374,100 puts valued at $494 million.
ASML Holding is the sole manufacturer of the most advanced chip-making machinery in the world.
In total, the eight bearish positions represent approximately $8.272 billion in put market value, the dominant theme in the fund’s disclosed portfolio by a significant margin.
Situational Awareness LP (SALP) is a high-conviction, AI-focused hedge fund founded in late 2024 by Leopold Aschenbrenner, a former OpenAI researcher. The fund is headquartered in San Francisco and manages over $13.676 billion in assets as of Q1 of this year.
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