Situational awareness holdings continue to draw attention in 2026 as investors examine the portfolio strategy associated with Leopold Aschenbrenner and Situational Awareness LP. The investment firm has built its identity around artificial intelligence, computing infrastructure, semiconductors, memory, power generation and other businesses positioned around rising AI demand.
Public regulatory filings provide the clearest available window into the firm’s investments. However, those filings do not reveal every asset, hedge, private investment or trading decision inside the fund.
That distinction matters when examining Situational Awareness. The portfolio has included conventional stock investments alongside options and private-market exposure, creating a strategy that cannot be understood by looking at a simple list of technology stocks.
What Is Situational Awareness LP?
Situational Awareness LP is associated with Leopold Aschenbrenner, who previously worked as an AI researcher at OpenAI.
Aschenbrenner gained wider recognition in 2024 after publishing writings focused on the potential pace of artificial-intelligence development and the infrastructure required to support increasingly powerful AI systems.
His investment approach has reflected many of those themes.
Instead of treating AI solely as a software story, Situational Awareness has focused heavily on the physical systems behind the technology. Those systems include computing hardware, memory, cloud capacity, data centers and electricity.
The strategy has attracted attention because global AI development requires enormous amounts of capital and infrastructure.
Companies building advanced models need chips. Those chips require memory, manufacturing capacity and networking equipment. Data centers also need reliable power and cooling.
That creates investment opportunities far beyond companies developing consumer-facing AI applications.
Why Situational Awareness Holdings Attract Investor Interest
Situational Awareness holdings stand out because the portfolio has concentrated on several interconnected parts of the AI economy.
Public filings have shown investments linked to semiconductors, power generation, storage and AI cloud infrastructure.
At the same time, filings have revealed substantial put-option positions connected to major semiconductor and technology securities.
That combination is important.
It shows that the strategy cannot simply be described as buying every company associated with artificial intelligence. Situational Awareness has combined direct equity investments with options that can serve bearish, hedging or broader portfolio-management purposes.
The result is a more complex portfolio than a traditional AI-focused stock fund.
The Portfolio Grew Rapidly
Public 13F filings illustrate how quickly Situational Awareness’s reportable U.S. securities portfolio grew after the firm’s launch.
Its reported portfolio value stood at roughly $255 million at the end of 2024.
By the first quarter of 2025, that figure had reached approximately $1 billion.
Growth continued throughout the year.
The reported value climbed above $2 billion during the second quarter of 2025 and exceeded $4 billion during the third quarter. It reached roughly $5.5 billion by the end of 2025.
The first-quarter 2026 filing then showed approximately $13.7 billion in reportable securities and options.
Those numbers should not be confused with total assets under management.
A 13F filing covers specific securities that fall under federal reporting requirements. It does not provide a complete balance sheet for an investment fund.
Still, the increase demonstrates the extraordinary pace at which Situational Awareness developed into a major market participant.
What the Q1 2026 Filing Revealed
The portfolio reported for March 31, 2026 offered an important snapshot of the firm’s strategy.
One of the most striking features involved put options.
Situational Awareness reported large put positions tied to several major semiconductor and technology names and an industry exchange-traded fund.
The securities connected to those positions included:
- VanEck Semiconductor ETF
- Nvidia
- Oracle
- Broadcom
- Advanced Micro Devices
- Micron Technology
The reported value associated with those put positions ran into billions of dollars.
However, investors should use caution when interpreting 13F option values.
The reported value of an options position does not necessarily represent the amount of capital the investment manager spent purchasing those contracts. It also does not provide a straightforward measurement of potential gains or losses.
That makes headline comparisons between stock positions and options potentially misleading.
What the filing clearly established was that Situational Awareness used options extensively as part of its investment strategy.
VanEck Semiconductor ETF Put Position
One of the largest reported positions involved puts connected to the VanEck Semiconductor ETF.
The reported value was roughly $2 billion at the end of the first quarter.
The ETF tracks companies across the semiconductor industry, making it a broad way to gain exposure to movements in chip stocks.
A large put position tied to a semiconductor ETF is notable for an investment firm closely associated with the long-term growth of artificial intelligence.
Yet it also demonstrates why investors should avoid treating the portfolio as uniformly bullish.
An investment manager can believe strongly in long-term AI growth while using options to manage risk, express shorter-term market views or structure trades around individual companies.
Nvidia Put Exposure Also Stood Out
Nvidia has become one of the most important companies in the global AI industry because its graphics processors play a central role in training and running advanced artificial-intelligence systems.
Situational Awareness’s first-quarter filing included Nvidia put options with a reported value of roughly $1.6 billion.
That disclosure attracted attention because Nvidia represents one of the clearest public-market beneficiaries of AI spending.
Again, the regulatory value should not be interpreted as the fund spending that exact amount to bet against Nvidia.
Options reporting involves different mechanics than conventional stock ownership.
The position nevertheless showed that Situational Awareness’s approach to AI investing extended beyond simply accumulating shares of the industry’s largest companies.
Read More – Leopold Aschenbrenner Situational Awareness: What His AI Thesis and Investment Strategy Mean in 2026
Oracle, Broadcom and AMD Options
The Q1 portfolio also included substantial put positions associated with Oracle, Broadcom and Advanced Micro Devices.
Oracle has increased its role in cloud infrastructure and data-center computing.
Broadcom supplies critical semiconductor and networking technology, while AMD competes in high-performance processors and AI accelerators.
Each company therefore sits within the broader technology infrastructure ecosystem that supports AI development.
The presence of put options tied to these companies added another layer to the portfolio’s risk-management and trading structure.
It also reinforced an important point: public holdings need context.
A single reported position does not reveal the investment manager’s entire view of a company.
Bloom Energy Became a Major Stock Holding
Bloom Energy ranked among the most significant direct equity positions in the first-quarter portfolio.
Situational Awareness reported approximately 6.5 million Bloom Energy shares at the end of March 2026. Their reported market value stood near $879 million.
The firm had reduced the number of shares compared with the previous quarter, but Bloom Energy remained a major holding.
The investment fits closely with one of the most important challenges facing the AI industry: electricity.
Modern data centers consume enormous amounts of power.
The growth of generative AI has increased attention on whether existing electrical grids can provide enough capacity for new computing facilities.
As a result, investors have increasingly viewed power generation and energy infrastructure as part of the broader AI investment landscape.
Bloom Energy’s presence in the portfolio reflected that connection between computing growth and electricity demand.
Sandisk Played a Major Role
Sandisk was another large direct stock investment reported by Situational Awareness.
The firm held roughly 1.14 million shares at the end of the first quarter, with a reported market value of approximately $724 million.
Storage represents another essential part of modern computing infrastructure.
AI systems generate and process enormous amounts of data. Companies therefore require storage capacity alongside processors, high-bandwidth memory and networking technology.
The Sandisk investment fit the portfolio’s broader emphasis on businesses providing physical technology required for large-scale computing.
CoreWeave Added Cloud Infrastructure Exposure
CoreWeave also appeared among the firm’s notable AI infrastructure investments.
The company operates cloud infrastructure built around accelerated computing, including systems designed for demanding artificial-intelligence workloads.
Situational Awareness increased its reported CoreWeave position during the first quarter of 2026.
The investment highlights a major theme running throughout the portfolio.
The fund has looked beyond companies creating AI models and applications. It has also invested in businesses that provide the computing resources those companies need.
Cloud infrastructure has become particularly important because developing advanced AI systems requires access to large clusters of specialized processors.
That demand has helped create a growing market for AI-focused cloud providers.
Nebius Became a Significant 2026 Investment
Nebius Group emerged as another major Situational Awareness investment during 2026.
A regulatory ownership disclosure filed in May showed Situational Awareness LP and related entities with beneficial ownership of more than 12.4 million Nebius Class A shares.
The reported stake represented approximately 5.6% of the relevant class.
Nebius operates businesses focused on AI infrastructure and cloud computing.
The investment therefore aligned closely with the portfolio’s established emphasis on companies supplying the computing capacity required for artificial intelligence.
The size of the stake also demonstrated Situational Awareness’s willingness to build concentrated positions when it identifies opportunities connected to its core investment themes.
SharonAI Added Another Infrastructure Position
SharonAI also entered the picture during 2026.
A June regulatory filing disclosed beneficial ownership involving Situational Awareness LP and related entities.
The filing covered Class A ordinary shares as well as warrants, with the warrants subject to a 19.99% beneficial ownership limitation.
SharonAI’s focus on AI infrastructure made the investment consistent with other positions in the portfolio.
Together, Nebius, CoreWeave and SharonAI illustrate how Situational Awareness has pursued exposure to companies providing computing resources rather than concentrating exclusively on traditional semiconductor giants.
SK Hynix and the Importance of AI Memory
Memory has become another critical component of the artificial-intelligence supply chain.
SK Hynix plays a major role in high-bandwidth memory, commonly known as HBM.
HBM is essential for many advanced AI accelerators because modern computing systems must move enormous quantities of data rapidly between memory and processors.
Situational Awareness was identified among investors showing interest in SK Hynix’s major U.S. share offering during July 2026.
The development fit naturally with the firm’s broader infrastructure strategy.
AI computing requires far more than processors. Memory capacity and performance can become crucial constraints as models grow larger and computing requirements increase.
Private Investments Are Also Important
Public securities filings tell only part of the Situational Awareness story.
The firm’s private-market investments have included exposure to Anthropic, one of the leading developers of advanced artificial-intelligence models.
Private companies do not appear in standard 13F disclosures in the same way as publicly traded securities.
That means investors looking only at quarterly holdings reports can miss significant parts of the portfolio.
Cash, many derivatives, short positions and other financial instruments may also remain outside the public 13F snapshot.
For that reason, the reported portfolio value should never be treated as a complete representation of the fund’s assets or risk exposure.
Why Electricity Is Central to the Strategy
One of the most distinctive elements of Situational Awareness’s investment approach is its attention to electricity.
Artificial intelligence is increasingly an energy-intensive industry.
Training advanced models requires massive computing clusters operating for extended periods. Serving AI products to millions of users adds another layer of electricity demand.
Data-center developers must therefore consider access to power alongside access to processors.
That connection helps explain why energy-related businesses can appear alongside semiconductor, storage and cloud companies in an AI-focused investment strategy.
The physical limits of the electrical grid could influence how quickly companies deploy new AI infrastructure across the United States.
How Investors Should Read 13F Holdings
Investors following Situational Awareness should recognize the limitations of quarterly regulatory filings.
A 13F report provides a historical snapshot.
The first-quarter 2026 filing represents holdings as of March 31. A fund can increase, reduce or completely exit positions after that date.
Filings also arrive weeks after each quarter ends.
As a result, they should not be treated as real-time trading records.
Schedule 13D and 13G filings can provide more recent information when an investor crosses certain ownership thresholds in individual companies. That is why positions such as Nebius can become publicly visible between quarterly 13F reports.
Even then, no single filing reveals the entire portfolio.
What Makes Situational Awareness Different
Situational Awareness has attracted attention because it connects an aggressive AI investment thesis with the physical requirements of computing.
Its publicly disclosed investments span multiple layers of the technology stack.
Semiconductors provide processing power.
Memory allows systems to move data quickly.
Storage handles enormous datasets.
Cloud providers supply computing capacity.
Electricity keeps data centers operating.
Private AI developers sit closer to the application and model layer.
This structure gives investors a useful framework for understanding why seemingly different companies can fit inside the same AI-centered portfolio.
The Bottom Line on Situational Awareness Holdings
Situational Awareness has become one of the most closely watched investment firms associated with the artificial-intelligence boom.
Its regulatory filings reveal a portfolio built around more than traditional technology stocks. Direct equity investments in companies such as Bloom Energy, Sandisk, CoreWeave and Nebius have appeared alongside substantial options positions tied to major semiconductor and technology securities.
Private investments add another dimension that quarterly public filings cannot fully capture.
The broader strategy centers on a straightforward economic reality: increasingly powerful AI systems require enormous amounts of computing hardware, memory, storage, cloud capacity and electricity.
For investors tracking Situational Awareness holdings, future regulatory filings will remain important because they can reveal how the portfolio evolves as AI infrastructure spending, semiconductor markets and data-center development continue to reshape the technology sector.
Stay updated on the latest Situational Awareness holdings and share your thoughts on which AI infrastructure investments deserve the closest attention in 2026.