Situational Awareness LP — 13F Intelligence

Current AUM

$13.7B

Q1 2026 reported

AUM Growth

+5,295%

Since inception Q4 2024

Active Positions

Q1 2026 · 6 at inception

Options Deployment

Active

Calls + puts across core names

AUM Trajectory — Inception to Present

Q1 2026 — Top Holdings by Weight

Thesis in One Frame

Situational Awareness LP launched Q4 2024 with a $254M power infrastructure bet. By Q4 2025 it had grown to $5.5B with AI compute infrastructure as the core thesis. In Q1 2026 the fund nearly doubled again to $13.7B while executing a dramatic strategic pivot: deploying $6.6B in semiconductor puts (SMH, NVDA, AVGO, AMD, ORCL, ASML) — while maintaining AI compute hosting longs (CORZ, IREN, APLD) and calls on select names (BE, TSM, MU, CRWV). The 5-quarter INTC contrarian call was finally abandoned. This is no longer a pure AI infrastructure long — it\'s a complex long/short book with a bearish overlay on the chip cycle.

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

Updated Conviction Signals (Q1 2026)

INTC contrarian call finally abandoned in Q1 2026 — flipped to put after 5 consecutive quarters long. The most watched position in the book has reversed.

$6.6B deployed in semi puts — SMH, NVDA, AVGO, AMD, ORCL, ASML. More than half the fund is now positioned bearishly on AI chip infrastructure.

AI compute hosting longs maintained — CORZ, IREN, APLD all still held as equity. The fund is bearish on chips but still long on the data centers that run them.

BE, TSM, MU, CRWV all held as calls — long optionality on recovery names while hedging the sector. This is not a full bear position; it\'s a hedge overlay on a long book.

Portfolio Structure Q1 2026

AUM nearly doubled Q4→Q1: $5.5B → $13.7B in one quarter. This is capital inflows at scale, not portfolio appreciation. Someone is writing large checks.

Bloom Energy, Lumentum, SanDisk infrastructure longs from Q4 — BE converted to call, LITE fully exited, SNDK held as call. The optical/storage infrastructure bet is being restructured.

T1 Energy Inc initiated — new name, 10M shares, energy infrastructure thesis continues in a new form. Replacing EQT and SOI as power supply expression.

Crypto mining cluster thinned — CIFR and HUT fully exited, CLSK added, BITF and BTDR remain. Mining exposure reduced but not eliminated.