THE LATEST LAYOUT OF THE 24-YEAR-OLD "AI EQUITY GOD": 60% OF THE SILO STRAGGLER. OKAY

Original Odaily Daily@OdailyChinaI'm not sure

By Azuma@azuma ethI'm not sure

There was no request for confidentiality! And there was no clean-up! The new 'Ai Equity' Foundation, Leopold Aschenbrenner, officially released the 13F document this evening。

• Odaily note: The personal story of Leopold Aschenbrenner can be found in more detailSBF'S LITTLE BROTHER, TURNED 225 MILLION INTO 5.5 BILLION A YEARI don't know。

That means we're in this morningTHE ANSWER TO THE 24-YEAR-OLD "AI EQUITY GOD" IS AVAILABLE ONLINEThe first assumption in the paper was that the situation was real, and that it was only done late on May 15th that the SEC failed to put the document on the Internet in time, and that the market ended up spending another weekend until the SEC saw the Fund's hold-up disclosure on Monday。

ACCORDING TO THIS LATEST 13F DOCUMENT, AS OF MARCH 31, 2026The total nominal warehouse value of the Situual Awareness LP has increased to $13.37 billion, more than double the $5.52 billion received on 31 December last year (138 per cent)。

• Odaily Note: & nbsp; it should be noted that in the statistical calibration of the US equity 13F document, the market value of the option asset is usually shown for its corresponding “nominal value” of the bottom equity, rather than for the Promium cost actually paid by the Fund. This means that, while the Fund has built a semiconductor hedge of tens of billions of dollars of nominal assets, the actual cost of cash consumed (the largest loss) is much smaller and is typically a high-leveraging macro-level hedge。

In addition, the current quarter ' s net inflow of funds to the Fund accounted for 32.51 per cent of the total value of the Fund ' s holdings, indicating that the surge in the Fund ' s size was due not only to the added value of its portfolio but also to very large external new fund requisitions (i.e. new capital injections)。

It's crazy

The paper also shows that during the first quarter of this year, the Situal Awareness LP made a massive adjustment。

• New Times:  23 stocks only (including options)
• Added To: 9 stocks only
• Sold out of: 10 stocks only (including options)
• Retuced holdings in:  4 stocks only (including options)。

New: 60% silo-scrambling under semiconductor Okay

• Odaily Note: The above figure only covers new additions worth over $100 million, all 23 new entries can be clicked on."The portalI'm going to take a look。

First of all, look at the new movement, which is also the most powerful information in the entire 13F report - & nbsp;THE FUND SYSTEMATICALLY HEDGED THE AI SEMICONDUCTOR WITH THE COMPUTER HARDWARE PLATE IN THE FIRST QUARTER THROUGH A LARGE-SCALE DROP-OVER OPTION (PUT) SLOT。

Looking directly at the data:

• SMH PUT (VanEck semiconductor core ETF watch options): 14.94 per cent (market value $2.04 billion) - first-largest new position
• NVDA PUT (INSTEAD OF BRITISH WIDA: 11.47% (MARKET VALUE US$ 5.56 BILLION) - SECOND LARGEST NEW POSITION
• ORCL PUT (ORACLE DROP OPTIONS): 7.84 PER CENT
• (A) AVGO PUT: 7.36 PER CENT
• (A) AMD PUT (AMD RIGHT TO DECLINE): 7.09%

The top five drop options alone accounted for 48.7 per cent of the nominal warehouse value of US$ 13.7 billion。IF YOU ADD THE RIGHT TO DROP OPTIONS FOR U.S.U., TSM.A.M., ASMLTHE FUND HAS MORE THAN 60 PER CENT OF NOMINAL WAREHOUSE STAKES OR HEDGES OF CORE SHARES OF AI HARDWARE FALLING OR VOLATILE。

In addition, it is worth noting that-Situational Awairness LP. RightsFOR EXAMPLE, WHILE BUYING U.S.S.PUTS (MU PUTS, 4.27 PER CENT), IT ALSO BUYS MU CALL (3.09 PER CENT) AND TSM PUTS (3.91 PER CENT)。

this is the two-way bet strategy often used by hedge funds. indicates that the fund considers that in the next financial or industrial cycle of 2026, equity prices may fluctuate significantly beyond what is expected in the market & nbsp due to extreme geopolitical or demand imbalances;If one-way fluctuations are large enough, bilateral profits can be made。

Kakura: It's still trueCRWV

With regard to silos, however, the territorial Awairness LP did not opt for options, but instead increased its holdings in positive form by nine shares。

In the first quarter, there was a small build-up of 8.5 million SNDKs, with a total holdings of 1.44 million shares and a market value of $724 million, or 5.30 per cent of the total portfolio。This is also a very small number of super-heavy stocks that exist entirely in the form of positive shares in the Situnational Assessment LP hold。

Another action that deserves attention is this:During the first quarter, there was a significant build-up of 1.07 million shares of CoreWeave (CRWV), reaching $556 million, or 4.07 per cent。CoreWeave is one of the leading infrastructure companies in the current AI GPU cloud service, and is an important partner in the British ecology. After its listing (IPO), it quickly added it to the core and stepped in, suggesting that the Fund, while emptying the short-term valuation of Britain (PUT), was crazy about converting the GPU directly into a cloud giant with a mathematical lease to the big models。

In addition, the Situational Awareness LP has sunk Keel, IREN, APLD, RIOT, CLSK, BTDR, etc., and has continued the logic of “electricity is oil of the new age” advocated by Leopold Aschenbrenner。

Clearing: Unload Intel to see leverage, clear out light communications

In terms of storageThe biggest move of the public Awareness LP is to completely remove the leverage of Intel to see an increase in options。During the last disclosure cycle, the Situnational Awareness LP had placed more than 13% of its position on Intel's enhanced options (up to 2,023 million options contracts), which were highly leveraged in the direction. This quarter has been cleared and continues in the form of a positive shareholding (0.07 per cent), although the percentage is very small。

In addition, the first quarter was completely cleared of LITE (8.68 per cent) and COHR (1.61 per cent) prior quarter. LITE and COHR are the world's top photocommunication chip and Optical Transceevers giant。This silo means that the Situnational Vision LP is withdrawing the AI light module/network hardware plate。

The first quarter of the first quarter, the first quarter, CIFR (2.80 per cent) and HUT (0.72 per cent) were both encrypted currency mining companies (including the next part of CORZ) and, given the loading of the RIOT, CLSK, BTDR equivalent, this may be just a routine setup。

DETACHMENT: BE CLOSED WITH SUBSTANTIAL PROFIT

And finally, look at the reductionBloom Energy (BE) was the first largest warehouse, as disclosed in the previous issue of the General Vision LP 13F, with the Fund holding down 3.59 million shares in the first quarter, a sharp decline from 15.87 per cent to 6.42 per cent。

Bloom Energy, which focuses on solid oxide fuel cell technology, is the core target of the data centre, On-Site Power, to bypass direct power supply from the traditional grid. Considering that the retention of the warehouse is still large, the reduction operation does not mean that the company is no longer good at the company and is more likely to be a regular profit-making exercise。

CoreWeave's enhanced options (CRWV CalL) is the second largest reduction of the Situal Vision LPIT HAS BEEN MENTIONED EARLIER THAT THE FUND HAS BEEN CONVERTED INTO A POSITIVE FORM OF HOLDING CRWV, SO IT IS MORE A LEVERAGING OPERATION。

It also reduced the share of Core Science by 2.74 million, from 7.59 per cent to 2.84 per cent. CORZ is the leading firm in the transition of the Bitcoin miner AI Calculator, but considering that the Situal Awareness LP has stoked other mining companies that are still in transition and valued more economically, the reduction of CORZ is more likely to end up partly profitable。

WHAT THE HELL WAS "AI EQUITY GOD" THINKING

If you look only at this 13F surface data, a lot of people may come to a simple and rough conclusion - Leopold Aschenbrenner, who used to call "AGI by 2027," has started to look at AI completely。

But clearly the real situation is not that simple。There are two seemingly contradictory, yet highly unified, main lines in the silo structure of the Situnational Vision LP。

• On the one hand, it is extremely alert to the “chip end” short-term valuation foam。With an amazingly large PUT position, the Situnational Vision LP has almost "buyed a crash risk" for the entire AI semiconductor industrial chain, such as Inverta and Com
• ON THE OTHER HAND, THERE IS A NEAR PARANOID OPTIMISM ABOUT THE LONG-TERM INFRASTRUCTURE NEEDS OF AI。& nbsp; whether CoreWeave, Bloom Energy, or a range of electricity, transformers, data centre-related companies, essentially point to the same certainty logic - AI's calculus war has entered deep waters。

It's probably also the central judgment of the public opinion LP。WHAT IS REALLY SCARCE IN THE FUTURE IS NOT NECESSARILY THE GPU CHIP ITSELF, BUT THE ENERGY, POWER AND DATA CENTRE INFRASTRUCTURE THAT SUSTAINS THESE GPUS。GPUS CAN EXPAND PRODUCTION ON A SUSTAINABLE BASIS AND ADVANCED PRODUCTION PROCESSES WILL EVENTUALLY CLIMB THE SLOPES, BUT THE MWA-CLASS POWER SUPPLY, TRANSFORMERS, TRANSMISSION SYSTEMS AND LARGE DATA CENTRE CONSTRUCTION CYCLES ARE DIFFICULT TO SYNCHRONIZE IN A SHORT PERIOD OF TIME。Leopold Aschenbrenner seems to care more about the real potential for bottlenecks in the next phase of the AI industry than the “sell shovel” logic that has been sufficiently priced by the market。

This explains why the Situual Awareness LP, on the one hand, buys a semiconductor to see options, on the other hand, and on the other hand, the risk of sharp fluctuations in pressing the AI hardware plate; and on the other hand, continues to reposition GPU cloud services, electricity and computing infrastructure assets。

In a sense, this 13F is more like Leopold Aschenbrenner's routing for the next stage of the evolution of the AI chain than a simple exposure。

When a genius who was quickly famous for All in AI began to set up billions of dollars in a nominal position to insure the AI plate, at least one point was made -- even the most committed AI of the time, it started to take fluctuations seriously。