Leopold Aschenbrenner Stock Portfolio: Top 10 Stocks

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8. Micron Technology, Inc. (NASDAQ:MU) PUT

Situational Awareness LP’s Stake: $584 Million

Micron Technology, Inc. (NASDAQ:MU) is a new addition to the 13F portfolio of Situational Awareness LP. The fund declared a new stake in the company in filings for the first quarter of 2026. This stake consists of PUT bets worth close to 1.7 million shares. Previously, Leopold Aschenbrenner had bought a stake in this chip giant in the third quarter of 2025. This position consisted of PUT bets worth 300,000 shares and was sold off completely by the next quarter. Micron designs, develops, manufactures, and sells memory and storage products. Latest reports from Goldman Sachs suggest that NVIDIA and Micron together will account for a third of S&P 500 EPS growth this year alone.

READ MORE: Mark Cuban Stock Portfolio: 8 Best Stocks to Buy.

Even as Micron Technology (NASDAQ:MU) rides the AI wave, it is facing competitive headwinds. With calendar 2026 HBM capacity fully locked in, supply chain allocations for upcoming advanced architectures show a distinct shift. NVIDIA reportedly selected SK Hynix and Samsung over Micron for the primary, high-volume supply allocations of top-tier ultra-advanced platforms. Memory is historically a commodity. If Micron loses out on the highest-margin, tier-1 architectural slots to SK Hynix and Samsung, it will be forced to compete on price for secondary allocations. Hedge funds argue that Micron is being priced at a premium multiple, yet it remains highly vulnerable to being out-scaled by foreign competitors who operate with lower structural capital costs.

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