Hedge fund founded by former OpenAI researcher bets on decline in AI chip stocks

Leopold Aschenbrenner’s hedge fund, Situational Awareness, is seeking new capital while holding large put positions betting against semiconductors and AI.

According to 13F filings, its U.S. equity portfolio totaled $5.52 billion, while semiconductor and AI-related puts reached $8.7 billion.

Its equity purchases were tilted toward power, data center, and AI infrastructure names rather than chip makers.

The bearish bets on Nvidia, AMD, Broadcom, and other AI chip leaders highlight shifting risk perceptions in the AI rally.