Situational Awareness LP, the fund under Leopold Aschenbrenner, reshaped its disclosed public equity book into a concentrated AI hardware and infrastructure bet by June 30, 2026, an SEC 13F filing (quarterly institutional holdings report) showed. Micron jumped from about $5.86 million at the end of the first quarter to about $5.574 billion, while SanDisk rose from about $724 million to about $5.674 billion, leaving the two holdings at roughly 55% of the portfolio. The fund also increased Bloom Energy to about $1.899 billion and TSMC ADR (U.S.-traded depositary receipt) to about $1.265 billion, and opened a roughly $1.233 billion stake in Nebius, with CoreWeave, Core Scientific, Applied Digital, IREN and Riot also among major positions. Put options (contracts that gain when prices fall) tied to SMH, Nvidia, Broadcom, AMD, Oracle, Micron and TSMC were sharply reduced from the prior quarter, concentrating risk on AI upside while leaving the portfolio more exposed to a synchronized selloff, margin calls and a potential liquidity crunch. That positioning was tested after AI chip and memory shares, including Micron, SanDisk and SK Hynix, came under repeated selling in July and the Philadelphia Semiconductor Index posted a monthly pullback rarely seen in recent years, before cooler inflation data and improved AI earnings sentiment helped SanDisk, Micron, CoreWeave and Nebius rebound in August as major U.S. indexes again approached or refreshed highs. A comparison of the two 13F filings suggests the stocks most likely behind Situational Awareness' July losses were concentrated in Micron, SanDisk, Bloom Energy, TSMC, Nebius, CoreWeave, Core Scientific, Applied Digital, IREN and Riot, with Micron and SanDisk the most important positions to watch.