Leopold is Back: 13F Filings Reveal a New Bet

The latest 13F filings from Leopold Ashenbrenner show a sharp change in positioning for his Situational Awareness fund. After building the portfolio around a semiconductor-heavy thesis drawn from his earlier Situational Awareness essay, he now holds roughly $8 billion in short exposure across major AI chip and related names while maintaining and adding long exposure to power generation, data-center operators, and memory companies. The filings cover holdings as of the end of March and reflect a move away from the most crowded parts of the AI supply chain toward the physical constraints that follow once chips are available.

Short positions across semiconductors

The largest short sits in the VanEck Semiconductor ETF, with an additional large put position that together create roughly $1.9 billion of net exposure to Nvidia. Separate short positions appear in Broadcom, AMD, ASML, Intel, Micron, Oracle, and Corning. These holdings mark a reversal for names such as Intel and Broadcom that had previously contributed to the fund’s gains. The scale of the short book now exceeds the long book in notional value, turning what had been a directional long bet on compute scaling into a two-sided position that profits if near-term semiconductor valuations compress.

Long exposure to power, data centers, and memory