The 23 stock positions in the 30 June 13F filing of Leopold Aschenbrenner’s Situational Awareness LP were reported at $20.17 billion. At 18:51 UTC on 13 November, the same share counts were worth $10.90 billion, by our arithmetic: $9.27 billion, or 46.0%, less. Sandisk ($3.51 billion) and Micron ($1.88 billion) account for $5.39 billion of the drop.
This measures the June book at today’s prices, not the fund’s returns. TechCrunch reported on 30 July, citing The Wall Street Journal, that the fund sold the majority of its public stock portfolio to Citadel. Its next 13F, for the quarter ended 30 September, is due by Monday, 16 November.
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The key insight: As we read the filings, the tracker’s figures are the June book marked to market, not the fund’s returns: at June share counts the 23 stocks fell from $20.17 billion to $10.90 billion by 18:51 UTC on 13 November, by our arithmetic, and the fund’s own Core Scientific filing already shows that position 45.8% smaller by 4 August.
The Form 13F-HR, filed on 14 August under SEC CIK 2045724, lists 26 entries with a total value of $20.24 billion. Twenty-three are stock positions worth $20.17 billion, by our arithmetic. The other three are options: calls on 145,800 Bloom Energy shares ($44.1 million), calls on 50,000 TSMC ADSs ($23.9 million) and puts on 500,000 Infosys ADRs ($5.2 million).
Those option values refer to the underlying shares at the 30 June price, not to what the options cost: 145,800 Bloom shares at $302.70 come to $44.1 million, by our arithmetic. The SEC’s Form 13F guidance says most column entries for an option “refer to the underlying security, rather than to the option itself”.
The largest stock rows were Sandisk, 2,495,344 shares worth $5.67 billion, and Micron, 4,828,786 shares worth $5.57 billion. Bloom Energy followed at $1.90 billion, TSMC ADSs at $1.27 billion and Nebius at $1.23 billion. The list also includes CoreWeave, Core Scientific, IREN, Applied Digital, Riot Platforms, SharonAI, STMicroelectronics and 10,000 Cerebras shares.
Value of the 23 stock positions in Situational Awareness LP’s Form 13F for the quarter ended 30 June 2026, held at June share counts and repriced at daily closes, then at 18:51 UTC on 13 November 2026: $20.17 billion to $10.90 billion. The repriced values are our arithmetic, not the fund’s returns. Source: SEC 13F-HR; prices Yahoo Finance.
What Was Posted on X
Leopold Aschenbrenner’s complete Q2 performance before his newest trades release Monday
Top tier: • SanDisk $SNDK: -62% • Micron $MU: -34%
Second tier: • Bloom Energy $BE: -38% • Taiwan Semiconductor $TSM: -18% • Nebius $NBIS: -59%
Summary: Every common stock position is red. His entire portfolio is down 46.8% from Q2 release to present day. His newest trades release Monday, November 16th, showing what he owned on September 30th, after he sold most of this to Citadel in late July
— Leopold Stock Tracker (@leopoldtracker_) Nov 13 17:21
The X account Leopold Stock Tracker posted this at 17:21 UTC on 13 November, listing per-stock moves for the positions in Situational Awareness LP’s 30 June 13F and a 46.8% fall for the portfolio. A 13F does not report purchase prices; this piece recomputes every value from the SEC filing and timestamped prices, and finds the card’s percentages are moves from the 30 June values.
How the Tracker’s Numbers Line Up
At 17:21 UTC on 13 November the X account @LeopoldTracker_ posted per-stock moves for the fund’s “complete Q2 performance”, including Sandisk -62%, Micron -34%, Nebius -59% and IREN -61%, and said the portfolio was “down 46.8% from Q2 release to present day”.
A 13F does not report purchase prices. Dividing each value by its share count gives the 30 June price, such as $2,273.73 for Sandisk. Against Yahoo Finance prices at 17:20 UTC, that reference reproduces the card within about a point: Sandisk -62.2%, Micron -34.2%, Nebius -58.2%, IREN -61.1%, and -46.5% for the 23 stocks together, by our arithmetic. The reference date is 30 June, not a later peak.
One row differs from the market close. Applied Digital’s filed value works out at $30.49 a share, while Yahoo shows a $37.30 close on 30 June. We use the filed value throughout, as the tracker’s -49% for Applied Digital also does, by our arithmetic.
Where the $9.27 Billion Sits
All 23 stock positions are lower at 18:51 UTC prices. Sandisk is down 61.9% from its 30 June value and Micron 33.7%, by our arithmetic. Nebius (-$706 million) and Bloom Energy (-$695 million) come next; the four together account for $6.79 billion, or 73%, of the decline.
The steepest percentage falls are in smaller rows: T1 Energy -81.4%, WhiteFiber -75.7% and SharonAI -73.3%. TSMC moved least, at -16.7%. Repriced daily, the June book was worth $18.33 billion at the 1 July close and reached a low of $9.64 billion at the 5 November close, by our arithmetic.
Change in value of each stock position in the fund’s 30 June 13F, held at June share counts, from 30 June to 18:51 UTC on 13 November 2026. Our arithmetic from the SEC filing and Yahoo Finance prices; not the fund’s returns.
What the Fund Disclosed After 30 June
Some trades are already on record. In a Schedule 13D/A on Core Scientific filed on 4 August, the fund reported 25,608,473 shares as of 15 July and 14,089,395 as of 4 August, 4.4% of the class. Its exhibit lists two block trades on 3 August of 5,759,539 shares each, at $19.6896 and $19.4807.
Together with sales of 134,011 and 265,989 shares on 14 and 15 July, those trades reconcile the 30 June count of 26,008,473 to the August figure, by our arithmetic: 45.8% of the June position was sold by 4 August.
In SharonAI, the fund converted warrants into shares. Its Schedule 13D/A and Form 4 show 2,674,823 pre-funded warrants exercised on 15 September, for a holding of 8,070,950 shares, 21.1% of the class. The Form 4 names Aschenbrenner as managing partner and Carl Shulman as co-portfolio manager.
TechCrunch also reported that the fund did not sell its private investments, and that, according to Bloomberg, its Anthropic stake was valued at $5 billion. Our 3 November piece repriced the six largest rows when they were $6.11 billion lower.
How 13F Timing Works
Under SEC Rule 13f-1, managers file “within 45 days after the end of the calendar quarter”. Thirty June plus 45 days is 14 August, the day this fund filed. For the quarter ended 30 September, 45 days lands on Saturday, 14 November, and the SEC’s guidance says a weekend deadline moves to the next business day: Monday, 16 November, by our count.
The form has limits. The SEC says “You should not include short positions on Form 13F”. The Official List of Section 13(f) Securities “primarily includes U.S. exchange-traded stocks”, so, as we read the guidance, shares listed only outside the US and private stakes such as Anthropic would not appear in it. TechCrunch named SK Hynix among the fund’s holdings; it is not one of the 26 entries in this US filing.
The Structural Read
As we read the information table, two memory makers, Sandisk and Micron, were $11.25 billion, or 55.8%, of the $20.17 billion in stock positions, by our arithmetic, which is why they carry $5.39 billion of the $9.27 billion decline.
As we read the Core Scientific exhibit, the fund sold through block trades with unaffiliated third parties on 3 August; the Q3 13F is the first filing that can show what was left across the whole list on 30 September.
Situational Awareness LP, Schedule 13D/A on Core Scientific, Exhibit 99.2, 4 August 2026
“Represents shares of Common Stock sold through block trades with unaffiliated third parties.”
Three Implications
FOR READERS OF TRACKER CARDS A 13F lists shares and 30 June values, not purchase prices; the card’s percentages are moves from the 30 June value, which we reproduced within about a point.
FOR THE 16 NOVEMBER FILING The Q3 13F lists positions held on 30 September, 45 days after quarter-end plus the weekend rule, by our count.
FOR THE AI INFRASTRUCTURE NAMES IN THE BOOK All 23 June stock rows are lower at 13 November prices, from TSMC at -16.7% to T1 Energy at -81.4%, by our arithmetic.
The framework argues: “Memory is becoming the new compute. HBM growth is outpacing accelerator demand, making memory the rate-limiting factor in the AI scaling equation.”
As we read it, the June 13F was built on that thesis: Sandisk and Micron were 55.8% of the stock rows, by our arithmetic, and the memory trade is also where most of the repricing sits. The framework does not discuss Situational Awareness or its filings.
What Is Not Established
The $9.27 billion is the June book repriced, not a loss the fund booked. The 13F does not show what Citadel paid, the fund’s leverage, any short positions or hedges, or the value of the options themselves. Apart from the Core Scientific and SharonAI filings, the documents we read do not show which June positions the fund still held on 30 September; the next 13F covers that date.
We did not verify the tracker account’s method beyond reproducing its percentages. We did not contact Situational Awareness for this piece.
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At June share counts, Situational Awareness LP’s 23 reported stocks went from $20.17 billion on 30 June to $10.90 billion at 18:51 UTC on 13 November, by our arithmetic, with Sandisk and Micron carrying $5.39 billion of the $9.27 billion drop. Filings already show Core Scientific cut by 45.8% by 4 August and SharonAI warrants exercised for a 21.1% holding; the Q3 13F, due on 16 November, is the filing that lists the 30 September book.
A note on sourcing. We read Situational Awareness LP’s Form 13F-HR for the quarter ended 30 June 2026 on SEC EDGAR, including its full information table, the fund’s Schedule 13D/A on Core Scientific with its transactions exhibit, its SharonAI Schedule 13D, 13D/A and Form 4, and the SEC’s Form 13F FAQ. We read TechCrunch’s 30 July article in full; its Wall Street Journal and Bloomberg attributions are TechCrunch’s.
The tracker card is the @LeopoldTracker_ post of 13 November, used as a lead only. Prices are from Yahoo Finance at 18:51 UTC on 13 November, with Sandisk and Micron checked against Nasdaq at 18:53 UTC; markets were still open. Every repriced value, share and date count is our arithmetic. We did not contact the fund for this piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
