Leopold Aschenbrenner’s Situational Awareness disclosed a dramatically reshaped public-equity portfolio for Q2 2026, building multibillion-dollar positions in Micron Technology ($MU) and SanDisk ($SNDK) while largely eliminating semiconductor options positions disclosed one quarter earlier. The June 30 filing captures the AI-focused hedge fund’s portfolio shortly before steep July losses forced a major unwind.
- Micron surged from 17,362 common shares in Q1 to 4.83 million shares worth an est. $5.5 billion at the time of filing, while SanDisk increased from 1.14 million shares to 2.50 million, worth an est. $5.6 billion at the time of filing.
- The fund's Q1 calls representing 1.25 million Micron shares and 611,900 SanDisk shares disappeared as its common holdings surged; the filings do not show whether the options were exercised or separately closed.
- TSMC ($TSM) followed a similar pattern, with common holdings jumping from 22,423 to 2.65 million shares as most of its 1.05-million-share call exposure disappeared.
- Nebius Group ($NBIS) was another major holding at 4.46 million shares worth $1.23 billion.
- Nebius reported $1.97 million in Q2 federal lobbying, covering issues including AI energy infrastructure, export controls, national security and government procurement.
- Situational Awareness subsequently suffered deep July losses and sold most of its public-stock portfolio to Citadel. Jane Street, a major investor in the fund, lost about $15 billion in July partly due to Situational Awareness's troubles, according to the Wall Street Journal.
Relevant Companies
- Micron Technology ($MU) — Situational Awareness disclosed a $5.57 billion Q2 position.
- SanDisk ($SNDK) — The fund disclosed a $5.67 billion position.
- Nebius Group ($NBIS) — The fund disclosed a $1.23 billion position.
Editor’s Note: This is a developing story. This article may be updated as more details become available.
