Aschenbrenner’s fund loaded up on memory stocks before 67% loss

Recent filings with the SEC show that Leopold Aschenbrenner’s Situational Awareness AI hedge fund had almost fifty percent of its US equity portfolio invested in SanDisk and Micron before a liquidation event that occurred in July, wiping out 67% of the fund’s value in just one month.

To the overall AI sector, the reveal indicates where investments have turned. The stocks that plummeted, Situational Awareness, are also part of companies benefiting from the AI data center boom, which serves as a caution of how limited the business was becoming.

Where the money sat before the fall

Situational Awareness LP submitted its 13F-HR to the SEC on August 14, with holdings reported as of June 30, prior to the liquidation in July. SanDisk and Micron constituted approximately 50% of the reported equity assets, making the fund very much vulnerable to one aspect of the AI supply chain.

This was not the only significant investment made by the fund. Another Form 13F for the quarter that ended on March 31, and that was revealed by Cryptopolitan on July 30, showed a portfolio of US equities valued at $5.52 billion and $8.7 billion in put options relating to chip companies. The top long position was Bloom Energy, with $879 million invested, behind which were SanDisk and CoreWeave.

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