BlockBeats News, August 15th, SEC filings show that Leopold Aschenbrenner's Situational Awareness LP made significant portfolio changes at the end of the second quarter of 2026, transitioning from a long-short mix in the first quarter to a highly concentrated AI hardware and infrastructure long position.

Compared to the previous 13F filing, as of June 30, 2026, the most significant changes in the fund were focused on the storage chip sector. Micron's position surged from approximately $5.86 million at the end of the first quarter to about $55.74 billion; SanDisk's position increased from around $724 million to about $56.74 billion. At the end of the second quarter, Micron and SanDisk together accounted for approximately 55% of its public stock portfolio, becoming the heaviest exposure in the portfolio.

At the same time, Situational Awareness also increased its exposure to AI infrastructure. Bloom Energy's position rose to about $1.899 billion, TSMC ADR to about $1.265 billion, and a new position in Nebius of around $1.233 billion was established. In addition, CoreWeave, Core Scientific, Applied Digital, IREN, Riot, and other hash rate, power, data center, and mining-related stocks also appeared on the revamped list.

It is worth noting that at the end of the first quarter, the fund still held a large number of put options, including puts related to SMH, NVIDIA, Broadcom, AMD, Oracle, Micron, and TSMC; but by the end of the second quarter, these hedging positions were significantly reduced, and the portfolio risk was clearly concentrated towards AI long positions.

Recent market trends have also confirmed the extreme volatility of this trading chain. Since July, the AI chip and storage sectors have experienced multiple sell-offs, with related stocks such as Micron, SanDisk, SK Hynix facing continuous pressure, and the Philadelphia Semiconductor Index once experiencing a rare monthly retreat. Moving into August, as inflation data cooled and AI earnings sentiment improved, SanDisk, Micron, CoreWeave, and Nebius experienced significant rebounds, with major U.S. indices reapproaching or hitting new highs.

This means that Leopold's public stock portfolio was in an extremely sensitive position at the end of the second quarter: benefiting greatly from the AI hash rate, storage, and power narrative in an upward trend; however, in a downward trend, multiple high-correlation positions would come under pressure simultaneously. Once leveraged and margin calls are factored in, a simple sectoral retreat could quickly escalate into a liquidity crisis.

Looking at the two 13F filings, the key stocks that likely caused Situational Awareness's sharp decline in July are concentrated in the AI hardware and infrastructure chain, including Micron, SanDisk, Bloom Energy, TSMC, Nebius, CoreWeave, Core Scientific, Applied Digital, IREN, and Riot. Especially Micron and SanDisk, these two stocks had already dominated half of the portfolio by the end of the second quarter, becoming the most notable positions to watch in this margin call storm.