Situational Awareness LP discloses 1.5 million-share PUT position in Taiwan Semiconductor, signaling a negative outlook on the chipmaker.
A hedge fund led by Leopold Aschenbrenner has taken a $13.7 billion bearish position on Taiwan Semiconductor Manufacturing (TSM) via PUT options on 1.5 million shares in Q1 2026. The move follows a smaller, short-lived PUT stake in Q3 2025, which was liquidated by the next quarter.
TSM, a key supplier for NVIDIA and other AI chipmakers, recently raised its 2026 capital expenditure guidance to the high end of its $52 billion to $56 billion range. The company is expanding production outside Taiwan, including in Arizona, Japan, and Germany, amid geopolitical pressures to diversify supply chains.
The filing reflects Aschenbrenner’s broader bearish stance on both TSM and NVIDIA, though immediate market reaction to the disclosure was not detailed.