Leopold Aschenbrenner's Situational Awareness AI hedge fund had nearly half of its reported U.S. equity portfolio in SanDisk and Micron before a July liquidation event that erased 67% of the fund's value in one month, according to SEC (U.S. markets regulator) filings. A 13F-HR filing (quarterly U.S. equity disclosure) submitted on August 14, with holdings as of June 30, showed the fund concentrated in two companies tied to the AI data-center build-out. Earlier filings for the quarter ended March 31 showed $5.52 billion in U.S. equities and $8.7 billion in put options tied to chip companies, with Bloom Energy as the largest long position at $879 million, followed by SanDisk and CoreWeave. The setup reflected a broader market shift toward memory and storage as AI workloads moved from training to inference, lifting demand for enterprise SSDs and supporting forecasts for NAND Flash and DRAM price gains. Yet the episode shows that identifying the right part of the AI supply chain does not ensure gains when positions are concentrated and financed with leverage. Aschenbrenner told investors the fund took a 67% unaudited July loss, sold part of its public portfolio after liquidity was exhausted, and had taken steps "to fight another day."