Leopold Aschenbrenner's Situational Awareness fund built an extremely concentrated AI infrastructure portfolio by June 30, 2026, then sold nearly all of its public stock positions in July after steep losses and liquidity pressure, leaving its private stake in Anthropic as its main remaining core holding. Newly cited SEC 13F details show SanDisk and Micron made up roughly half of the fund's reported U.S. equity portfolio before the unwind, reinforcing how exposed it was to a narrow slice of the AI hardware supply chain. Earlier reporting on the same June 30 filing put total disclosed public holdings at about $20.24 billion, led by SanDisk at about $5.674 billion and Micron at about $5.574 billion, alongside positions in Bloom Energy, Taiwan Semiconductor ADR, Nebius, CoreWeave and Core Scientific, and showed the fund had sharply reduced chip-related put options versus the prior quarter, increasing net long exposure. Reuters confirmed the fund posted an unaudited 67% loss in July and sold most of its public assets, while Aschenbrenner told investors the firm had cut part of the publicly disclosed portfolio to reduce leverage after liquidity ran out. In the same letter, he wrote, "We embrace volatility. But it should never jeopardize the fund," and said the firm had taken steps "to fight another day." The episode highlights a broader market lesson: even when demand trends in AI memory and storage are favorable, concentrated and leveraged positioning can unravel quickly in a selloff. Aschenbrenner has nonetheless remained committed to AI, including through a $400 million investment in stealth semiconductor-equipment startup Source Foundry, as investors continue to position for a multiyear buildout in chips, data centers and power.