Ex-OpenAI researcher hedge fund bets against AI chip stocks

Situational Awareness, a hedge fund specializing in artificial intelligence that was established by Leopold Aschenbrenner, a previous employee of OpenAI, is seeking to get additional funding from investors as semiconductor and AI stocks plummeted. The timing is important because this hedge fund has the biggest disclosed bet against the companies causing the drop in the stock prices of semiconductor companies.

Therefore, the act of raising money makes it more than a normal venture. It also gives us a glimpse into the perspective of one of AI’s prominent investors towards the future development of the sector. Financial Times reported that instead of investing heavily in shares of chip-producing companies, the company has developed an investment strategy that allows it to gain profits even when chip manufacturers are losing money.

A short book aimed at the AI chip trade

Situational Awareness LP revealed a U.S. equity portfolio valued at $5.52 billion in its Form 13F filed with the U.S. Securities and Exchange Commission by March 31, 2026. The report showed that the fund was mainly linked to put options valued at $8.7 billion, attributed to companies in the semiconductor and AI sector. This includes $2.04 billion in VanEck Semiconductor ETF and $1.57 billion in Nvidia stocks. Investors appeared to have put more than $1 billion in put options of companies such as Oracle, Broadcom, and Advanced Micro Devices.

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