Situational Awareness LP’s latest filing shows $8.7B in notional semiconductor put positions alongside long stakes in bitcoin miners and AI infrastructure.
Situational Awareness LP disclosed a $5.52 billion U.S. equity portfolio as of March 31, 2026, featuring $8.7 billion in notional put positions targeting semiconductor and AI-linked stocks. The fund’s largest puts included $2.04 billion in the VanEck Semiconductor ETF and $1.57 billion in Nvidia, alongside smaller positions in Oracle, Broadcom, and AMD.
The portfolio held 29 positions, with 10 new additions compared to the prior quarter. Long stakes focused on bitcoin miners and AI infrastructure, including $879 million in Bloom Energy and $724 million in Sandisk. CoreWeave and Core Scientific also featured prominently among the fund’s long holdings.
The filing highlighted a bearish tilt toward semiconductors, contrasting with bullish exposure to high-growth sectors like AI and cryptocurrency mining.