Leopold Aschenbrenner Stock Portfolio: Top 10 Stocks

Page 9 of 10

2. NVIDIA Corporation (NASDAQ:NVDA) PUT

Situational Awareness LP’s Stake: $1.6 Billion

NVIDIA Corporation (NASDAQ:NVDA) 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 9 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 1.6 million shares and was sold off completely by the next quarter. Back then, this bearish bet represented over 7% of the 13F portfolio of the fund. The latest one is the second-largest position and represents over 11% of the portfolio. Leopold Aschenbrenner is not the only hedge fund manager betting against the chip giant.

Prominent names like Michael Burry, Ken Griffin, Israel Englander, and Sander Gerber also hold PUT options on NVIDIA Corporation (NASDAQ:NVDA), per latest filings. There is concern among some in the hedge fund universe that as AI shifts from training models to running autonomous agents, the required hardware changes. Complex sequential logic execution favors high-performance CPUs. While NVIDIA commands an estimated 90% to 95% market share in AI training GPUs, it has virtually no market share in the traditional x86 enterprise data center CPU market, which is dominated by AMD and Intel. Bearish investors are betting that NVIDIA GPU demand will face a structural ceiling as compute requirements diversify.

Page 9 of 10
1281292 - 11759070 - 1