Leopold Aschenbrenner – Situational Awareness LP

Period:: Q1 2026
Portfolio date:: Mar 31, 2026
No. of stocks:: 29
Portfolio value:: $13,676,658,000
Filed:: May 18, 2026
Style:: AI Specialist / Fade Concentrated

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 18, 2621 new8 added7 reduced8 exited
≡	INTC – INTEL CORP	Reduce 99.00%	−20,035,056	−13.47
≡	CRWVCALL – COREWEAVE INC	Reduce 83.00%	−9,000,000	−13.01
≡	INTCPUT – INTEL CORP	Reduce 82.00%	−16,632,000	−12.37
≡	CRWV – COREWEAVE INC	Reduce 34.00%	−3,636,581	−9.97
≡	LITE – LUMENTUM HLDGS INC	Sell	−1,298,400	−8.67
≡	CORZ – CORE SCIENTIFIC INC NEW	Reduce 10.00%	−2,748,005	−4.74
≡	CIFR – CIPHER MINING INC	Sell	−10,469,093	−2.80
≡	SNDKCALL – SANDISK CORP	Reduce 42.00%	−442,300	−1.69
≡	COHR – COHERENT CORP	Sell	−480,300	−1.61
≡	TSEM – TOWER SEMICONDUCTOR LTD	Sell	−723,004	−1.54
≡	SEI – SOLARIS ENERGY INFRAS INC	Reduce 41.00%	−760,949	−1.10
≡	KRC – KILROY RLTY CORP	Sell	−1,327,700	−0.90
≡	HUT – HUT 8 CORP	Sell	−860,200	−0.72
≡	EQTCALL – EQT CORP	Sell	−700,000	−0.68
≡	LBRT – LIBERTY ENERGY INC	Sell	−567,200	−0.19
Q4 2025filed Feb 11, 2613 new13 added2 reduced12 exited
≡	INTC – INTEL CORP	Reduce 100.00%	−20,237,399	−16.41
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−1,600,000	−7.21
≡	VST – VISTRA CORP	Sell	−1,287,910	−6.10
≡	GDXPUT – VANECK ETF TRUST	Sell	−600,000	−4.73
≡	GLXY – GALAXY DIGITAL INC.	Sell	−2,737,500	−2.24
≡	AVGOPUT – BROADCOM INC	Sell	−230,000	−1.83
≡	TSMPUT – TAIWAN SEMICONDUCTOR MFG LTD	Sell	−270,000	−1.82
≡	CIFR 1.75 05/15/30 – CIPHER MINING INC	Sell	−5,740,493	−1.75
≡	LITE 0.5 12/15/26 – LUMENTUM HLDGS INC	Sell	−417,600	−1.64
≡	MUPUT – MICRON TECHNOLOGY INC	Sell	−300,000	−1.21
≡	EQTCALL – EQT CORP	Reduce 42.00%	−517,386	−0.92
≡	WDC 3 11/15/28 – WESTERN DIGITAL CORP	Sell	−152,821	−0.44
≡	BE 2.5 08/15/25CALL – BLOOM ENERGY CORP	Sell	−145,800	−0.30
≡	STX – SEAGATE TECHNOLOGY HLDNGS PL	Sell	−48,567	−0.28
Q3 2025filed Nov 14, 2521 new2 added3 reduced2 exited
≡	SMHPUT – VANECK ETF TRUST	Sell	−2,044,100	−26.85
≡	AVGOPUT – BROADCOM INC	Reduce 81.00%	−961,606	−13.64
≡	CEG – CONSTELLATION ENERGY CORP	Sell	−319,200	−4.85
≡	EQT – EQT CORP	Reduce 43.00%	−927,959	−4.29
≡	APLD – APPLIED DIGITAL CORP	Reduce 8.00%	−527,645	0.23
Q2 2025filed Aug 14, 251 new7 added4 exited
≡	ONTO – Onto Innovation Inc	Sell	−586,717	−7.08
≡	MOD – Modine Mfg Co	Sell	−716,824	−5.47
≡	CRWV – CoreWeave Inc	Sell	−1,225,000	−4.52
≡	TLN – Talen Energy Corp	Sell	−148,395	−2.95
Q1 2025filed May 14, 258 new4 added2 exited
≡	MRVL – MARVELL TECHNOLOGY INC	Sell	−785,896	−34.06
≡	VRT – VERTIV HOLDINGS CO	Sell	−455,146	−20.29

Hist	Stock	Activity	Share change	% change to portfolio
Q1 2026filed May 18, 2621 new8 added7 reduced8 exited
≡	INTC – INTEL CORP	Reduce 99.00%	−20,035,056	−13.47
≡	CRWVCALL – COREWEAVE INC	Reduce 83.00%	−9,000,000	−13.01
≡	INTCPUT – INTEL CORP	Reduce 82.00%	−16,632,000	−12.37
≡	CRWV – COREWEAVE INC	Reduce 34.00%	−3,636,581	−9.97
≡	LITE – LUMENTUM HLDGS INC	Sell	−1,298,400	−8.67
≡	CORZ – CORE SCIENTIFIC INC NEW	Reduce 10.00%	−2,748,005	−4.74
≡	CIFR – CIPHER MINING INC	Sell	−10,469,093	−2.80
≡	SNDKCALL – SANDISK CORP	Reduce 42.00%	−442,300	−1.69
≡	COHR – COHERENT CORP	Sell	−480,300	−1.61
≡	TSEM – TOWER SEMICONDUCTOR LTD	Sell	−723,004	−1.54
≡	SEI – SOLARIS ENERGY INFRAS INC	Reduce 41.00%	−760,949	−1.10
≡	KRC – KILROY RLTY CORP	Sell	−1,327,700	−0.90
≡	HUT – HUT 8 CORP	Sell	−860,200	−0.72
≡	EQTCALL – EQT CORP	Sell	−700,000	−0.68
≡	LBRT – LIBERTY ENERGY INC	Sell	−567,200	−0.19
Q4 2025filed Feb 11, 2613 new13 added2 reduced12 exited
≡	INTC – INTEL CORP	Reduce 100.00%	−20,237,399	−16.41
≡	NVDAPUT – NVIDIA CORPORATION	Sell	−1,600,000	−7.21
≡	VST – VISTRA CORP	Sell	−1,287,910	−6.10
≡	GDXPUT – VANECK ETF TRUST	Sell	−600,000	−4.73
≡	GLXY – GALAXY DIGITAL INC.	Sell	−2,737,500	−2.24
≡	AVGOPUT – BROADCOM INC	Sell	−230,000	−1.83
≡	TSMPUT – TAIWAN SEMICONDUCTOR MFG LTD	Sell	−270,000	−1.82
≡	CIFR 1.75 05/15/30 – CIPHER MINING INC	Sell	−5,740,493	−1.75
≡	LITE 0.5 12/15/26 – LUMENTUM HLDGS INC	Sell	−417,600	−1.64
≡	MUPUT – MICRON TECHNOLOGY INC	Sell	−300,000	−1.21
≡	EQTCALL – EQT CORP	Reduce 42.00%	−517,386	−0.92
≡	WDC 3 11/15/28 – WESTERN DIGITAL CORP	Sell	−152,821	−0.44
≡	BE 2.5 08/15/25CALL – BLOOM ENERGY CORP	Sell	−145,800	−0.30
≡	STX – SEAGATE TECHNOLOGY HLDNGS PL	Sell	−48,567	−0.28
Q3 2025filed Nov 14, 2521 new2 added3 reduced2 exited
≡	SMHPUT – VANECK ETF TRUST	Sell	−2,044,100	−26.85
≡	AVGOPUT – BROADCOM INC	Reduce 81.00%	−961,606	−13.64
≡	CEG – CONSTELLATION ENERGY CORP	Sell	−319,200	−4.85
≡	EQT – EQT CORP	Reduce 43.00%	−927,959	−4.29
≡	APLD – APPLIED DIGITAL CORP	Reduce 8.00%	−527,645	0.23
Q2 2025filed Aug 14, 251 new7 added4 exited
≡	ONTO – Onto Innovation Inc	Sell	−586,717	−7.08
≡	MOD – Modine Mfg Co	Sell	−716,824	−5.47
≡	CRWV – CoreWeave Inc	Sell	−1,225,000	−4.52
≡	TLN – Talen Energy Corp	Sell	−148,395	−2.95
Q1 2025filed May 14, 258 new4 added2 exited
≡	MRVL – MARVELL TECHNOLOGY INC	Sell	−785,896	−34.06
≡	VRT – VERTIV HOLDINGS CO	Sell	−455,146	−20.29

Hist

Stock

Activity

Share change

% change to portfolio

Q1 2026filed May 18, 2621 new8 added7 reduced8 exited

≡

INTC – INTEL CORP

Reduce 99.00%

−20,035,056

−13.47

≡

CRWVCALL – COREWEAVE INC

Reduce 83.00%

−9,000,000

−13.01

≡

INTCPUT – INTEL CORP

Reduce 82.00%

−16,632,000

−12.37

≡

CRWV – COREWEAVE INC

Reduce 34.00%

−3,636,581

−9.97

≡

LITE – LUMENTUM HLDGS INC

Sell

−1,298,400

−8.67

≡

CORZ – CORE SCIENTIFIC INC NEW

Reduce 10.00%

−2,748,005

−4.74

≡

CIFR – CIPHER MINING INC

Sell

−10,469,093

−2.80

≡

SNDKCALL – SANDISK CORP

Reduce 42.00%

−442,300

−1.69

≡

COHR – COHERENT CORP

Sell

−480,300

−1.61

≡

TSEM – TOWER SEMICONDUCTOR LTD

Sell

−723,004

−1.54

≡

SEI – SOLARIS ENERGY INFRAS INC

Reduce 41.00%

−760,949

−1.10

≡

KRC – KILROY RLTY CORP

Sell

−1,327,700

−0.90

≡

HUT – HUT 8 CORP

Sell

−860,200

−0.72

≡

EQTCALL – EQT CORP

Sell

−700,000

−0.68

≡

LBRT – LIBERTY ENERGY INC

Sell

−567,200

−0.19

Q4 2025filed Feb 11, 2613 new13 added2 reduced12 exited

≡

INTC – INTEL CORP

Reduce 100.00%

−20,237,399

−16.41

≡

NVDAPUT – NVIDIA CORPORATION

Sell

−1,600,000

−7.21

≡

VST – VISTRA CORP

Sell

−1,287,910

−6.10

≡

GDXPUT – VANECK ETF TRUST

Sell

−600,000

−4.73

≡

GLXY – GALAXY DIGITAL INC.

Sell

−2,737,500

−2.24

≡

AVGOPUT – BROADCOM INC

Sell

−230,000

−1.83

≡

TSMPUT – TAIWAN SEMICONDUCTOR MFG LTD

Sell

−270,000

−1.82

≡

CIFR 1.75 05/15/30 – CIPHER MINING INC

Sell

−5,740,493

−1.75

≡

LITE 0.5 12/15/26 – LUMENTUM HLDGS INC

Sell

−417,600

−1.64

≡

MUPUT – MICRON TECHNOLOGY INC

Sell

−300,000

−1.21

≡

EQTCALL – EQT CORP

Reduce 42.00%

−517,386

−0.92

≡

WDC 3 11/15/28 – WESTERN DIGITAL CORP

Sell

−152,821

−0.44

≡

BE 2.5 08/15/25CALL – BLOOM ENERGY CORP

Sell

−145,800

−0.30

≡

STX – SEAGATE TECHNOLOGY HLDNGS PL

Sell

−48,567

−0.28

Q3 2025filed Nov 14, 2521 new2 added3 reduced2 exited

≡

SMHPUT – VANECK ETF TRUST

Sell

−2,044,100

−26.85

≡

AVGOPUT – BROADCOM INC

Reduce 81.00%

−961,606

−13.64

≡

CEG – CONSTELLATION ENERGY CORP

Sell

−319,200

−4.85

≡

EQT – EQT CORP

Reduce 43.00%

−927,959

−4.29

≡

APLD – APPLIED DIGITAL CORP

Reduce 8.00%

−527,645

0.23

Q2 2025filed Aug 14, 251 new7 added4 exited

≡

ONTO – Onto Innovation Inc

Sell

−586,717

−7.08

≡

MOD – Modine Mfg Co

Sell

−716,824

−5.47

≡

CRWV – CoreWeave Inc

Sell

−1,225,000

−4.52

≡

TLN – Talen Energy Corp

Sell

−148,395

−2.95

Q1 2025filed May 14, 258 new4 added2 exited

≡

MRVL – MARVELL TECHNOLOGY INC

Sell

−785,896

−34.06

≡

VRT – VERTIV HOLDINGS CO

Sell

−455,146

−20.29