filing · 13F-HR · period ending march 2026
Situational Awareness Partners LP
thesis · Q1 2026
Massive strategic shift: long AI infrastructure, short AI chips.
A structural reposition: SAF exits semi longs entirely, establishes massive puts across the chip complex, and concentrates equity longs in AI infrastructure, power, and compute.
The big short on semis
SAF has put on enormous put positions — ~$10.5B notional — against the AI chip complex: NVIDIA ($1.57B), Oracle ($1.07B), Broadcom ($1B), AMD ($969M), ASML ($500M), and a $2B put on the VanEck Semiconductor ETF as a broad sector short. This is a very deliberate bet that the chip names have overrun fundamentals.
Intel: a complete thesis flip
In Q4 they held $747M in Intel calls — a big bullish bet. In Q1 that's entirely gone, replaced by $159M in puts. They went from one of their largest bullish positions to outright short in a single quarter.
Micron and TSMC straddles
Both have both puts and calls, which suggests they're playing volatility on those names rather than taking a directional view — possibly around earnings catalysts.
The long book is intact
All the core AI infrastructure longs — Bloom Energy, CoreWeave, IREN, Core Scientific, Applied Digital — are still there and mostly unchanged or slightly reduced. The thesis on physical AI infrastructure (power, HPC data centers) hasn't changed; they've just layered on a massive short against the software/chip layer sitting above it.
New longs
T1 Energy ($44M) and SharonAI Holdings ($18M) are small additions worth watching — both fit the power/AI infrastructure theme.
BE — trim into strength
Bloom Energy shares trimmed from 10,076,022 to 6,485,408 (down ~36%) as the stock rallied ~55% in Q1 (implied price moved from ~$87 to ~$135). Dollar value held roughly flat at ~$876M–$879M. Call position unchanged at 408,500 contracts. Classic trim-into-strength while retaining call upside.
portfolio · Q1 2026
Portfolio by Category
6 categories · march 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| Semi Hedge | Semiconductor and AI chip names (predominantly put/short) | $60.2M | $8.46B | — | $8.52B |
| Storage | Flash storage and memory (long + call) | $724.4M | — | $811.1M | $1.54B |
| AI Infra | HPC data centers, Bitcoin miners repurposed for compute (long) | $1.45B | — | — | $1.45B |
| AI Power | Power generation and energy infrastructure for AI (long) | $1.03B | — | $55.3M | $1.09B |
| AI Compute | AI cloud compute and chip design (long) | $574.2M | — | $495.4M | $1.07B |
| Energy | Oil and gas services | $13.1M | — | — | $13.1M |
| total | $3.86B | $8.46B | $1.36B | $17.47B | |
holdings · Q1 2026
Current Positions
42 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| SMH | VanEck Semiconductor ETF | put | Semi Hedge | new | $2.04B | 5,327,900 | $383.44 | — |
| NVDA | NVIDIA | put | Semi Hedge | new | $1.57B | 8,992,300 | $174.40 | — |
| ORCL | Oracle | put | Semi Hedge | new | $1.07B | 7,293,000 | $147.11 | — |
| AVGO | Broadcom | put | Semi Hedge | new | $1.01B | 3,251,100 | $309.51 | — |
| AMD | AMD | put | Semi Hedge | new | $969.2M | 4,764,100 | $203.43 | — |
| BE | Bloom Energy | long | AI Power | trimmed | $878.7M | 6,485,408 | $135.49 | -35.6% |
| SNDK | SanDisk | long | Storage | added | $724.4M | 1,140,119 | $635.33 | +8.1% |
| MU | Micron | put | Semi Hedge | new | $583.7M | 1,727,700 | $337.85 | — |
| CRWV | CoreWeave | long | AI Compute | added | $556.1M | 7,177,919 | $77.47 | +17.7% |
| TSM | TSMC | put | Semi Hedge | new | $535.1M | 1,583,400 | $337.93 | — |
| ASML | ASML | put | Semi Hedge | new | $494.1M | 374,100 | $1320.56 | — |
| MU | Micron | call | Storage | new | $422.3M | 1,250,000 | $337.84 | — |
| IREN | IREN | long | AI Infra | added | $401.0M | 11,698,835 | $34.28 | +34.5% |
| CORZ | Core Scientific | long | AI Infra | trimmed | $389.1M | 26,008,473 | $14.96 | -9.6% |
| SNDK | SanDisk | call | Storage | new | $388.8M | 611,900 | $635.36 | — |
| TSM | TSMC | call | AI Compute | new | $354.8M | 1,050,000 | $337.95 | — |
| APLD | Applied Digital | long | AI Infra | added | $320.0M | 13,478,438 | $23.74 | +18.9% |
| INTC | Intel | put | Semi Hedge | flipped | $159.1M | 3,605,400 | $44.13 | — |
| RIOT | Riot Platforms | long | AI Infra | added | $142.2M | 11,502,137 | $12.36 | +86.5% |
| CRWV | CoreWeave | call | AI Compute | trimmed | $140.6M | 1,814,500 | $77.46 | -83.2% |
| CLSK | CleanSpark | long | AI Infra | added | $104.5M | 12,276,139 | $8.51 | +648.4% |
| SMFI | Solaris Energy | long | AI Power | trimmed | $62.5M | 1,105,551 | $56.51 | -40.8% |
| BE | Bloom Energy | call | AI Power | unchanged | $55.3M | 408,500 | $135.49 | 0.0% |
| TONE | T1 Energy | long | AI Power | new | $43.9M | 10,000,000 | $4.39 | — |
| BITF | Bitfarms | long | AI Infra | added | $38.8M | 19,875,840 | $1.95 | +188.2% |
| BTDR | Bitdeer | long | AI Infra | added | $29.8M | 3,439,450 | $8.65 | +92.4% |
| PSIX | Power Solutions Intl | long | AI Power | unchanged | $26.3M | 432,300 | $60.88 | 0.0% |
| GLW | Corning | put | Semi Hedge | new | $21.0M | 154,600 | $136.00 | — |
| WFBR | Whitefiber | long | AI Infra | unchanged | $20.9M | 1,757,600 | $11.91 | 0.0% |
| AMD | AMD | long | Semi Hedge | new | $20.2M | 99,138 | $203.43 | — |
| BW | Babcock & Wilcox | long | AI Power | unchanged | $19.9M | 1,353,900 | $14.69 | 0.0% |
| SHRN | SharonAI Holdings | long | AI Compute | new | $18.1M | 796,108 | $22.73 | — |
| PUMP | ProPetro | long | Energy | unchanged | $13.1M | 910,300 | $14.41 | 0.0% |
| SMH | VanEck Semiconductor ETF | long | Semi Hedge | new | $10.3M | 26,950 | $383.44 | — |
| INTC | Intel | long | Semi Hedge | flipped | $8.9M | 202,344 | $44.13 | — |
| TSM | TSMC | long | Semi Hedge | new | $7.6M | 22,423 | $337.95 | — |
| INFY | Infosys | put | Semi Hedge | unchanged | $6.8M | 500,000 | $13.51 | 0.0% |
| HIVE | Hive Digital | long | AI Infra | new | $6.4M | 3,391,547 | $1.90 | — |
| ASML | ASML | long | Semi Hedge | new | $6.1M | 4,633 | $1320.56 | — |
| MU | Micron | long | Semi Hedge | new | $5.9M | 17,362 | $337.84 | — |
| GLW | Corning | long | Semi Hedge | new | $718330 | 5,283 | $136.00 | — |
| NVDA | NVIDIA | long | Semi Hedge | new | $497912 | 2,855 | $174.40 | — |
42 positions · period ending march 2026 · source SEC EDGAR
closed · Q4 2025 → Q1 2026
Closed Positions
10 positions closed
| Ticker | Issuer | Type | Category | Q4 Value | Q4 Shares | Note |
|---|---|---|---|---|---|---|
| INTC | Intel Corp | call | semi hedge | $746.8M | 20,237,400 | flippedreplaced with small long + put (bearish reversal) |
| LITE | Lumentum Holdings Inc | long | ai infrastructure | $478.6M | 1,298,400 | full exit |
| CIFR | Cipher Mining Inc | long | ai compute | $154.5M | 10,469,093 | full exit |
| COHR | Coherent Corp | long | ai infrastructure | $88.6M | 480,300 | full exit |
| TSEM | Tower Semiconductor Ltd | long | semi hedge | $84.9M | 723,004 | full exit |
| EQT | EQT Corp | longcall | energy | $170.6M | 3,182,225 | full exit |
| KRC | Kilroy Realty Corp | long | ai infrastructure | $49.6M | 1,327,700 | full exit |
| HUT | Hut 8 Corp | long | ai compute | $39.5M | 860,200 | full exit |
| LBRT | Liberty Energy Inc | long | energy | $10.5M | 567,200 | full exit |
10 positions closed · Q4 2025 → Q1 2026
new · Q4 2025 → Q1 2026
New Positions
13 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| SMH | VanEck Semiconductor ETF | putlong | semi hedge | $2.05B | 5,354,850 | $383.44 |
| NVDA | NVIDIA | putlong | semi hedge | $1.57B | 8,995,155 | $174.40 |
| ORCL | Oracle | put | semi hedge | $1.07B | 7,293,000 | $147.11 |
| AVGO | Broadcom | put | semi hedge | $1.01B | 3,251,100 | $309.51 |
| AMD | AMD | putlong | semi hedge | $989.3M | 4,863,238 | $203.43 |
| MU | Micron | putcalllong | semi hedge | $1.01B | 2,995,062 | $337.85 |
| TSM | TSMC | putcalllong | semi hedge | $897.5M | 2,655,823 | $337.93 |
| ASML | ASML | putlong | semi hedge | $500.2M | 378,733 | $1320.56 |
| SNDK | SanDisk | call | storage | $388.8M | 611,900 | $635.36 |
| TONE | T1 Energy | long | ai power | $43.9M | 10,000,000 | $4.39 |
| GLW | Corning | putlong | semi hedge | $21.7M | 159,883 | $136.00 |
| SHRN | SharonAI Holdings | long | ai compute | $18.1M | 796,108 | $22.73 |
| HIVE | Hive Digital | long | ai infrastructure | $6.4M | 3,391,547 | $1.90 |
13 positions opened · Q1 2026