Situational Awareness LP — 13F Intelligence

Current AUM

$5.5B

Q4 2025 reported

AUM Growth

+2,067%

Since inception Q4 2024

Active Positions

vs. 6 at inception

Options Deployment

Active

Calls + puts across core names

AUM Trajectory — Inception to Present

Q4 2025 — Top Holdings by Weight

Thesis in One Frame

Situational Awareness LP launched in Q4 2024 with a concentrated bet on AI power infrastructure — Vistra, Vertiv, Talen, Constellation. Within two quarters the thesis evolved: power generation names were rotated into AI compute infrastructure — CoreWeave, Core Scientific, IREN, Applied Digital. By Q4 2025, Bloom Energy became the #1 position at 16%, flanked by Lumentum (optical networking), SanDisk (storage), and a crypto mining cluster that doubled as dual-use AI data center capacity. INTC calls have been held every quarter since Q1 — the most contrarian long in the book.

AI Power Infrastructure GPU Cloud AI Data Center Hosting Crypto/AI Mining Intel Contrarian Natural Gas / Energy

Ticker / Issuer	Weight	Value ($K)	Shares	Type

Intelligence Signals

Conviction Indicators

INTC call held every quarter since Q1 2025 — 20.2M shares across 4 consecutive filings. Structural contrarian bet on Intel recovery, not a tactical trade.

CORZ share count 6.4× from Q1→Q4 (4.5M → 28.8M). Core Scientific went from a 3.3% toe-in to 7.6% of a $5.5B fund — that's deep conviction.

CRWV in 3 tranches simultaneously in Q3 — equity long + call + put. Collar structure signals high conviction with defined risk management around GPU cloud volatility.

Bloom Energy quietly initiated Q3, became #1 position Q4 at 16% of AUM. Power generation for AI data centers is the new picks-and-shovels anchor.

Risk Posture & Hedges

SMH put ($570M, Q2) — hedged entire semi sector while staying long INTC. Paid to be wrong on INTC specifically, protected against sector-wide drawdown.

NVDA put Q3 ($298M) + AVGO put + TSM put + GDX put — simultaneous hedges across semis and gold miners in Q3 suggest macro concern while maintaining AI infra longs.

EQT natural gas held every quarter — power demand thesis has both a compute side (data centers need power) and a fuel supply side (natural gas generates it).

Crypto mining cluster (CORZ, IREN, CIFR, RIOT, HUT) — dual-use AI data center + energy arbitrage. Not pure crypto speculation; these are GPU/compute hosting facilities.