RIOX

Leopold Aschenbrenner's positions are finally out — the latest equity holdings of the Situational Awareness Fund:

$878.7M — Bloom Energy $Bloom Energy(BE.US)

$724.4M — SanDisk $Sandisk(SNDK.US)

$556.1M — CoreWeave $Coreweave(CRWV.US)

$401M — Iren Limited $IREN(IREN.US)

$389.1M — Core Scientific $Core Scientific, Inc.(CORZ.US)

$320M — Applied Digital $Applied Digital(APLD.US)

$142.2M — Riot Platforms $Riot Platforms(RIOT.US)

$104.5M — CleanSpark $CleanSpark(CLSK.US)

$62.5M — Solaris $Solaris Energy Infrastructure(SEI.US)

$43.9M — T1 Energy $T1 Energy(TE.US)

$38.8M — Bitfarms

$29.8M — Bitdeer $Bitdeer Tech(BTDR.US)

$26.3M — Power Solutions $Power Solutions(PSIX.US)

$21M — Corning $Corning(GLW.US)

$20.9M — WhiteFiber $Whitefiber(WYFI.US)

$20.2M — $AMD(AMD.US)

$19.9M — Babcock and Wilcox $Babcock & Wilcox(BW.US)

$18.1M — SharonAI $SharonAI(SHAZ.US)

$13.1M — ProPetro $ProPetro(PUMP.US)

$10.3M — $VanEck Semiconductor ETF(SMH.US)

$8.9M — Intel $Intel(INTC.US)

$7.6M — Taiwan Semi $Taiwan Semiconductor(TSM.US)

$6.4M — Hive Digital $HIVE Digital Tech(HIVE.US)

$6.1M — $ASML(ASML.US)

$5.9M — Micron $Micron Tech(MU.US)

1. The most notable change is the substantial new/increased positions in Bitcoin mining stocks and power infrastructure stocks, including CLSK CleanSpark ($104.5M), TE T1 Energy ($43.9M), PSIX Power Solutions ($26.3M), BW Babcock & Wilcox ($19.9M), SHAZ SharonAI ($18.1M), PUMP ProPetro ($13.1M), as well as Bitfarms ($38.8M) and BTDR Bitdeer ($29.8M).

2. New or significantly increased positions were established in a number of smaller semiconductor-related holdings: AMD ($20.2M), TSM Taiwan Semi ($7.6M), ASML ($6.1M), MU Micron ($5.9M), the Semiconductor ETF SMH ($10.3M), and INTC Intel ($8.9M).

This suggests the fund is taking a more refined approach to specific segments of the AI supply chain — such as advanced-node manufacturing, memory, and equipment. Whereas the fund may previously have held a cautious or hedged stance on semiconductors as a whole, this quarter it has shifted to a partially bullish view on select names. This looks more like a risk rebalancing move than a major directional change.

3. The portfolio is pivoting toward a more focused combination of miners + energy + data centers.