Source: Caixin News

On Monday Eastern Time, the highly anticipated Wall Street newcomer, 24-year-old Leopold Aschenbrenner, finally published the first quarter 13F report of his fund “Situational Awareness LP.” (Related reading: Dumped Nvidia, massively bought fuel cells: the "physical arbitrage" logic of the 24-year-old genius investor)

As we described in our previous report, as the youngest giant fund manager in the world, Leopold Aschenbrenner foresaw the importance of AI infrastructure “logistics” back in 2024, making substantial investments in the power, land, and infrastructure sectors, and pushing his fund to expand significantly in less than two years since its establishment.

This belated report shows that the fund managed by Leopold Aschenbrenner has surged in market value from $5.52 billion in the previous quarter to $13.7 billion—just under two years ago, the initial management scale of this fund was only $255 million.

Such a meteoric rise in funds under management indicates that the “Situational Awareness” fund has clearly become a star fund much sought after on Wall Street—in fact, over the past few quarters, Leopold Aschenbrenner's portfolio adjustments have become a focus for Wall Street institutions and retail investors looking to “copy the homework.”

Let’s take a closer look at the actions taken by this Wall Street newcomer in the first quarter of this year.

Massive short positions in chip manufacturers

From this portfolio adjustment report, it can be seen that the most notable action taken by Leopold Aschenbrenner in the first quarter of this year was the large-scale shorting of chip manufacturers.

As of the end of the first quarter, the fund had massively bought put options with an notional value of up to $8.46 billion, covering many chip manufacturers’ stocks, including $2 billion in put options on the VanEck Semiconductor ETF (US stock code: SMH) and $1.6 billion in put options on AI giant Nvidia.

Large-scale acquisition of chip bearish options

In addition, the fund also established put option positions on Broadcom, Oracle, AMD, Micron Technology, ASML, Intel, Corning Glass, and TSMC.

These bearish options not only became the fund's top five buying targets in the first quarter but also became the fund's top five holdings. This undoubtedly highlights Leopold Aschenbrenner's pessimistic attitude towards the prospects of chip stocks.

However, Leopold Aschenbrenner is not completely bearish on all chip stocks.

In the first quarter of this year, the fund slightly increased its holdings of 80,000 shares of storage giant SanDisk and established a position in SanDisk call options worth $380 million, possibly indicating that it expects the storage boom to continue and that its fund is making selective bets on the semiconductor industry.

Still heavily betting on energy and AI infrastructure

By the end of the first quarter, American biofuel company Bloom Energy (US stock code: BE) remained Aschenbrenner's largest bullish bet stock, with his fund holding 6.5 million shares of Bloom Energy worth $879 million, and holding 409,000 shares of Bloom Energy call options with a notional value of $55 million.

In addition, Situational Awareness also increased its holdings in cryptocurrency mining/data center operators CleanSpark (US stock code: CLSK), Riot Platforms (code: RIOT), Applied Digital (code: APLD), and IREN Limited (code: IREN).

Previously, we analyzed that Aschenbrenner's bet on Bitcoin mining companies was not for speculation, but for the readily available land, power, and grid licenses these mining companies hold. In the context of a large-scale expansion of AI infrastructure, these resources equate to “ready-made” AI infrastructure, saving several years of approval time.

A late 13F report

It is worth noting that Aschenbrenner's 13F document was originally supposed to be submitted last Friday—according to regulations, all institutional investment management companies holding over $100 million in securities are required to file this disclosure document with the U.S. Securities and Exchange Commission within 45 days after the end of the quarter—but Situational Awareness did not submit the report until Monday morning.

In general, late or missed submissions of 13F documents may lead to the U.S. Securities and Exchange Commission imposing civil penalties at its discretion, with fines ranging from small penalties to a maximum of $750,000.

However, investor attention is certainly focused on Aschenbrenner's specific portfolio adjustment actions.

Overall, although he significantly established put option positions in semiconductors in the first quarter, his fund still holds a large amount of highly volatile tech stocks and continues to make selective investments in computing, memory, and data center infrastructure. This adjustment trend may well be worth noting for investors.

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