Leopold Aschenbrenner Stock Portfolio: Top 10 Stocks

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5. Advanced Micro Devices, Inc. (NASDAQ:AMD) PUT

Situational Awareness LP’s Stake: $969 Million

Advanced Micro Devices, Inc. (NASDAQ:AMD) 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 5 million shares. In the hedge fund world, Leopold Aschenbrenner is not alone in betting against AMD. Other elite money managers like Ken Griffin, Israel Englander, Sander Gerber, and Dmitry Balyasny have also declared bearish bets against the chip company. Of the $10.3 billion in Q1 2026 revenue for AMD, the data center segment accounted for $5.8 billion. However, NVIDIA continues to capture an estimated 90% to 95% market share of high-end AI data center GPUs.

READ ALSO: 12 Best Stocks to Buy According to Billionaire David Abrams.

Elite money managers have argued that Advanced Micro Devices, Inc. (NASDAQ:AMD) is fighting an uphill battle against an entrenched ecosystem. The true moat for NVIDIA is not just the hardware, but the proprietary CUDA software ecosystem, which has millions of software developers locked in. Enterprise clients are proving hesitant to rewrite their entire software stacks to migrate to the open-source ROCm platform offered by AMD. Short-sellers calculate that AMD is being valued as an equal AI peer to NVIDIA, when it is actually collecting the residual overflow demand from hyperscalers who cannot secure enough NVIDIA allocation.

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