The six largest stock holdings in the 13F filing of Leopold Aschenbrenner’ Situational Awareness LP were worth $15.79 billion on 30 June. At 18:38 UTC on 3 November, the same share counts were worth $9.68 billion, by our arithmetic: $6.11 billion, or 38.7%, less.
The six are Sandisk, Micron, Bloom Energy, Nebius, CoreWeave and Core Scientific: memory, neocloud and power names. Together they were 78.0%% of the $20.24 billion the fund reported for the quarter ended 30 June, by our arithmetic.
This is not the fund’ profit and loss. Reuters reported on 30 July, citing sources, that Situational Awareness sold the bulk of its stock portfolio to Ken Griffin’ Citadel. The numbers show how far the AI-infrastructure trade it held has repriced since.
Business Pill · Concentration
Concentration Explained: when a few big pieces make the total. In the fund’s 30 June 13F, six of 26 entries carried 78.0% of the reported value, by our arithmetic.
The key insight: As we read it, the tracker’s “bought at” prices track the 30 June closes within 1.1%, not purchase costs, and the six names carrying them are worth $6.11 billion less at today’s prices, by our arithmetic. The fund reportedly sold most of them to Citadel; the repricing of the trade it held is what the numbers measure.
The fund filed its Form 13F-HR for the quarter ended 30 June on 14 August, under SEC CIK 2045724. It lists 26 entries with a total reported value of $20.24 billion.
Sandisk was the largest entry: 2,495,344 shares worth $5.67 billion. Micron followed with 4,828,786 shares worth $5.57 billion, then Bloom Energy with 6,272,808 shares worth $1.90 billion, plus calls on 145,800 Bloom shares.
Nebius was listed at 4,464,260 shares worth $1.23 billion, CoreWeave at 7,479,558 shares worth $744.5 million and Core Scientific at 26,008,473 shares worth $665.6 million.
A 13F reports shares held and their value at the end of the quarter. It does not report the prices the fund paid. Dividing each reported value by its share count gives the 30 June closing price to the cent: $1,154.29 for Micron and $2,273.73 for Sandisk, by our arithmetic.
Value of each of the six largest holdings in Situational Awareness LP’s Form 13F for the quarter ended 30 June 2026, as reported, against the same share count at regular-session prices at 18:38 UTC on 3 November 2026. Source: SEC 13F-HR (filed 14 August 2026); prices Yahoo Finance, checked against Nasdaq. The values at 3 November, the $6.11 billion and the 38.7% are our arithmetic. Reuters reported on 30 July that the fund sold the bulk of its stock portfolio to Citadel.
What Was Posted on X
Leopold Aschenbrenner’s fund is down on every position across his top holdings
โข $MU bought at $1,153.21, now $855.87, down 26% โข $CORZ bought at $25.60, now $13.38, down 48% โข $SNDK bought at $2,268, now $1,120.75, down 51% โข $NBIS bought at $273.33, now $151.73, down 44% โข $CRWV bought at $99.27, now $52.58, down 47% โข $BE bought at $301.59, now $214.65, down 29%
These are the prices of the holdings he had prior to selling his book to Citadel, per Q2 13F
This account spends hours tracking this stuff for you, follow for Leopold’s next filing on November 16th
— Leopold Stock Tracker (@leopoldtracker_) Nov 03 17:19
The tracker account @LeopoldTracker_ posted this at 17:19 UTC on 3 November. Its ‘bought at’ prices are the account’s own figures: a 13F reports shares and quarter-end value, not purchase prices, and the account’s prices sit within 1.1% of the 30 June closes the filing implies, by our arithmetic. This piece recomputes every value from the SEC filing and timestamped prices.
Each Holding, 30 June to 3 November
Sandisk shows the largest fall: 51.0%%, from $5.67 billion to $2.78 billion, or $2.90 billion of value. Micron shows the smallest: 26.1%%, from $5.57 billion to $4.12 billion.
CoreWeave is down 46.8%%, Core Scientific 45.9%%, Nebius 45.2%% and Bloom Energy 29.0%%. All six figures are our arithmetic: the 30 June share count times the regular-session price at 18:38 UTC.
Prices come from Yahoo Finance at 18:38 UTC. Nasdaq’s quotes at 1:38 PM ET matched them within 0.04% for Micron and CoreWeave.
Measured from the 30 July close, the day Reuters reported the Citadel sale, the six share counts were worth $10.68 billion. They are 9.4%% lower than that now, by our arithmetic.
What the Tracker Post Says
The X account @LeopoldTracker_ posted at 17:19 UTC on 3 November that “Leopold Aschenbrenner’s fund is down on every position across his top holdings”. It listed a “bought at” price for each of the six, “per Q2 13F”.
Those prices sit within 1.1% of the 30 June closes that the filing implies: the account gives $1,153.21 for Micron against $1,154.29, and $273.33 for Nebius against $276.17. Because a 13F carries no purchase prices, we treat them as the account’s estimates of the 30 June marks, not the fund’s cost.
The post says these were the holdings “prior to selling his book to Citadel”. That matches Reuters’ report. Reuters also wrote that it is not clear whether the fund faced margin calls from its lenders before the deal.
The AI-Infrastructure Trade, Repriced
As we read it, the six names map the build-out’s supply side: memory chips (Micron, Sandisk), rented GPU capacity (CoreWeave, Nebius), and power and hosting (Bloom Energy, Core Scientific). The fund held them in size at 30 June; all six are lower now.
Reuters reported that after the sale the fund held a book of roughly $10 billion, including private investments such as Anthropic, and that it had not sold its Anthropic stake. On 17 September the fund reported 8,070,950 SharonAI shares, 21.1%% of the class, in a Schedule 13D/A.
As we read the filing, six of 26 entries carried 78.0% of the reported value, by our arithmetic, and all six sit in the AI build-out’s supply side: memory, rented GPU capacity, and power and hosting.
As we read the prices, the falls cluster in two groups: Sandisk, CoreWeave, Core Scientific and Nebius are down 45% to 51%, while Micron and Bloom Energy are down 26% and 29%, by our arithmetic.
As we read the timing, most of the fall came before the sale Reuters reported on 30 July: the six were worth $10.68 billion at that day’s close, and they are 9.4% lower than that now, by our arithmetic.
Reuters, 30 July 2026
“It is not clear whether Aschenbrenner’s fund faced margin calls from its lenders before striking the deal with Citadel.”
Three Implications
FOR READERS OF 13F TRACKERS A 13F reports shares and quarter-end value, not purchase prices; the tracker’s “bought at” prices sit within 1.1% of the 30 June closes, by our arithmetic.
FOR THE AI-INFRASTRUCTURE TRADE Memory, neocloud and power names held in size at 30 June are 26% to 51% lower at 18:38 UTC on 3 November, by our arithmetic.
FOR THE FUND Reuters reported a book of roughly $10 billion after the sale, including its Anthropic stake; its 13F for 30 September is not yet on EDGAR.
The framework argues: “The $1T capex cycle is being underwritten by a $1T concentrated demand commitment from two counterparties whose combined free cash flow is deeply negative.”
As we read it, the six names in the fund’s 30 June book sell into that cycle, which is why their prices moved together. The framework is about capex and its funding; it does not discuss this fund or its sale.
What Is Not Established
We do not know what the fund paid for any of the six, which shares Citadel bought, or whether the fund still holds any of them. The $9.68 billion is the 30 June share count at today’s prices, not a reported position.
The fund’s 13F for the quarter ended 30 September is not yet on EDGAR. The tracker account says the next filing is on 16 November. Reuters’ account of the sale relies on sources; we did not contact the fund or Citadel.
This Week In The AI Supercycle
Anthropic’s Reality Check, The Capital Squeeze, & The New World Order
This week’s issue: for two years the AI build-out was priced as a growthstory. This week it started being priced as a credit story.
The six AI-infrastructure stocks at the top of Situational Awareness’s 30 June 13F, worth $15.79 billion that day, were worth $9.68 billion at 18:38 UTC on 3 November, by our arithmetic. The tracker’s “bought at” prices are 30 June marks, not purchase prices.
A note on sourcing. This piece is based on Situational Awareness LP’s Form 13F-HR for the quarter ended 30 June 2026 and its other filings on SEC EDGAR; regular-session prices from Yahoo Finance at 18:38 UTC on 3 November, checked against Nasdaq; 30 June and 30 July closes from Yahoo Finance; the @LeopoldTracker_ post on X; and Reuters and TechCrunch reports of 30 July on the sale to Citadel. The values at 3 November, the differences and the percentages are our arithmetic. We did not contact the fund or Citadel.
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.
