filing · 13F-HR · period ending june 2026
Situational Awareness Partners LP
thesis · Q2 2026
The great reversal: SAF closes $10.5B short book and goes all-in on AI infrastructure longs.
The short book is gone: SAF closes $10.45B of puts across the chip complex, leaving a single $5.2M Infosys put behind. The proceeds go into storage — SanDisk and Micron alone are 56% of a $20.24B book — alongside new Nebius and STMicroelectronics stakes.
The entire semi short book is gone
All $10.45B in put positions from Q1 have been closed: SMH ($2.04B), NVIDIA ($1.57B), Oracle ($1.07B), Broadcom ($1B), AMD ($969M), TSMC ($535M), ASML ($494M), Micron ($584M), and Intel ($159M). The portfolio now has just $5.2M in puts (Infosys) — a 99.95% reduction in short exposure. Whether the semi short thesis played out, timed out, or was abandoned is unclear, but the bet has been fully unwound.
Micron and SanDisk now 55% of the portfolio
Micron (MU) converted from a Q1 straddle ($584M put + $422M call) to a $5.57B outright long — implied price $1,154/share. SanDisk (SNDK) saw its call position closed as the long grew from 1.14M to 2.5M shares; the stock appears up ~258% from Q1's implied $635 to Q2's $2,274. Together MU and SNDK represent $11.25B, or 55.6% of the portfolio. SAF is making a massive concentrated bet on the AI storage memory cycle.
Bloom Energy — the cornerstone position triples in value
Bloom Energy shares were barely touched (trimmed -3% to 6.27M) but the stock more than doubled from ~$135 to ~$302.70, pushing the position to $1.90B. The call was trimmed 64% (408,500 → 145,800 contracts) as the long became the primary vehicle. Bloom Energy is now the #3 position in the fund at 9.4% of the portfolio.
TSMC flipped from straddle to long
The Q1 TSMC straddle (put $535M + call $355M) has been resolved: put closed, call trimmed 95% from 1.05M to 50,000 shares, and the tiny $7.6M tracking position converted to a $1.27B strategic long. This is a decisive bullish resolution. TSMC at $477/share is the #4 position at $1.29B total (long + residual call).
New large positions: Nebius, STM, Keel
Nebius Group N.V. ($1.23B, 4.46M shares at $276) is a European AI GPU cloud platform — the former Yandex international arm now building GPU data center infrastructure across Europe. STMicroelectronics ($584M, 7.8M shares at $74.89) is a European power semiconductor maker with strong data center and SiC power conversion exposure. Keel Infrastructure Corp ($152M, 26.5M shares at $5.74) is a new name fitting the AI infrastructure build-out theme.
Mining and HPC stocks continue to surge
Riot Platforms shares added 49% (11.5M → 17.1M) as the stock hit $27.38 (up from $12.36 in Q1, +121%). Hive Digital shares nearly tripled (3.4M → 9.1M). CleanSpark shares held flat but price up 71%. Core Scientific held flat in shares but up 71% in price. Applied Digital added 14% in shares. These miners-turned-HPC providers remain a core theme.
BE — trim into strength
Bloom Energy shares barely trimmed from 6,485,408 (Q1) to 6,272,808 (Q2), a -3.3% reduction. But the stock surged from ~$135 to ~$302.70 (+123%), pushing the long position value from $879M to $1.90B. The call position was trimmed 64% from 408,500 to 145,800 contracts — classic trim of optionality into strength while retaining the core equity position. Combined long+call value is now $1.94B.
portfolio · Q2 2026
Portfolio by Category
6 categories · june 2026
| Category | Description | Long | Put | Call | Total |
|---|---|---|---|---|---|
| Storage | Flash storage and memory — the AI storage cycle (long) | $11.25B | — | — | $11.25B |
| AI Compute | AI cloud compute, chip design, and GPU clouds (long) | $3.70B | — | $23.9M | $3.73B |
| AI Power | Power generation and energy infrastructure for AI (long) | $2.65B | — | $44.1M | $2.69B |
| AI Infra | HPC data centers, Bitcoin miners repurposed for compute (long) | $2.54B | — | — | $2.54B |
| Energy | Oil and gas services | $28.1M | — | — | $28.1M |
| Semi Hedge | Semiconductor short — now essentially empty after Q1 short book closure | — | $5.2M | — | $5.2M |
| total | $20.17B | $5.2M | $68.0M | $20.24B | |
holdings · Q2 2026
Current Positions
26 positions
| Ticker | Name | Type | Category | Status | Value↓ | Shares | Implied Px | Chg % |
|---|---|---|---|---|---|---|---|---|
| SNDK | SanDisk | long | Storage | added | $5.67B | 2,495,344 | $2273.85 | +118.9% |
| MU | Micron | long | Storage | added | $5.57B | 4,828,786 | $1154.25 | +27717.0% |
| BE | Bloom Energy | long | AI Power | trimmed | $1.90B | 6,272,808 | $302.70 | -3.3% |
| TSM | TSMC | long | AI Compute | added | $1.27B | 2,649,035 | $477.57 | +11713.7% |
| NBIS | Nebius Group | long | AI Compute | new | $1.23B | 4,464,260 | $276.21 | — |
| CRWV | CoreWeave | long | AI Compute | added | $744.5M | 7,479,558 | $99.54 | +4.2% |
| CORZ | Core Scientific | long | AI Infra | unchanged | $665.6M | 26,008,473 | $25.59 | 0.0% |
| STM | STMicroelectronics | long | AI Power | new | $584.3M | 7,802,700 | $74.89 | — |
| APLD | Applied Digital | long | AI Infra | added | $469.0M | 15,384,616 | $30.49 | +14.1% |
| RIOT | Riot Platforms | long | AI Infra | added | $468.2M | 17,100,000 | $27.38 | +48.7% |
| SHRN | SharonAI Holdings | long | AI Compute | added | $456.8M | 5,396,127 | $84.66 | +577.9% |
| IREN | IREN | long | AI Infra | trimmed | $433.3M | 9,474,099 | $45.73 | -19.0% |
| CLSK | CleanSpark | long | AI Infra | unchanged | $178.6M | 12,276,139 | $14.55 | 0.0% |
| KEEL | Keel Infrastructure | long | AI Infra | new | $151.8M | 26,451,393 | $5.74 | — |
| SEI | Solaris Energy | long | AI Power | added | $90.9M | 1,129,621 | $80.46 | +2.2% |
| WFBR | Whitefiber | long | AI Infra | unchanged | $68.3M | 1,757,600 | $38.85 | 0.0% |
| BTDR | Bitdeer | long | AI Infra | unchanged | $54.6M | 3,439,450 | $15.87 | 0.0% |
| TONE | T1 Energy | long | AI Power | trimmed | $46.5M | 4,900,000 | $9.48 | -51.0% |
| BE | Bloom Energy | call | AI Power | trimmed | $44.1M | 145,800 | $302.70 | -64.3% |
| HIVE | Hive Digital | long | AI Infra | added | $33.2M | 9,133,726 | $3.64 | +169.3% |
| BW | Babcock & Wilcox | long | AI Power | added | $28.6M | 2,027,451 | $14.10 | +49.7% |
| PUMP | ProPetro | long | Energy | added | $28.1M | 1,960,382 | $14.34 | +115.4% |
| TSM | TSMC | call | AI Compute | trimmed | $23.9M | 50,000 | $477.57 | -95.2% |
| VSH | Vishay Intertechnology | long | AI Infra | new | $20.2M | 375,000 | $53.78 | — |
| INFY | Infosys | put | Semi Hedge | unchanged | $5.2M | 500,000 | $10.49 | 0.0% |
| CBRS | Cerebras | long | AI Compute | new | $2.2M | 10,000 | $221.00 | — |
26 positions · period ending june 2026 · source SEC EDGAR
closed · Q1 2026 → Q2 2026
Closed Positions
21 positions closed
| Ticker | Issuer | Type | Category | Q1 2026 Value | Q1 2026 Shares | Note |
|---|---|---|---|---|---|---|
| SMH | VanEck Semiconductor ETF | putlong | $2.05B | 5,354,850 | full exit | |
| NVDA | NVIDIA Corporation | putlong | $1.57B | 8,995,155 | full exit | |
| ORCL | Oracle Corp | put | $1.07B | 7,293,000 | full exit | |
| AVGO | Broadcom Inc | put | $1.01B | 3,251,100 | full exit | |
| AMD | Advanced Micro Devices Inc | putlong | $989.3M | 4,863,238 | full exit | |
| MU | Micron Technology Inc | putcall | $1.01B | 2,977,700 | full exit | |
| TSM | Taiwan Semiconductor Manufacturing | put | $535.1M | 1,583,400 | full exit | |
| ASML | ASML Holding NV | putlong | $500.2M | 378,733 | full exit | |
| SNDK | SanDisk Corp | call | $388.8M | 611,900 | full exit | |
| INTC | Intel Corp | putlong | $168.0M | 3,807,744 | full exit | |
| CRWV | CoreWeave Inc | call | $140.6M | 1,814,500 | full exit | |
| BITF | Bitfarms Ltd | long | $38.8M | 19,875,840 | full exit | |
| PSIX | Power Solutions International Inc | long | $26.3M | 432,300 | full exit | |
| GLW | Corning Inc | putlong | $21.7M | 159,883 | full exit |
21 positions closed · Q1 2026 → Q2 2026
new · Q1 2026 → Q2 2026
New Positions
5 positions opened
| Ticker | Issuer | Type | Category | Value | Shares | Implied Px |
|---|---|---|---|---|---|---|
| NBIS | Nebius Group | long | AI Compute | $1.23B | 4,464,260 | $276.21 |
| STM | STMicroelectronics | long | AI Power | $584.3M | 7,802,700 | $74.89 |
| KEEL | Keel Infrastructure | long | AI Infra | $151.8M | 26,451,393 | $5.74 |
| VSH | Vishay Intertechnology | long | AI Infra | $20.2M | 375,000 | $53.78 |
| CBRS | Cerebras | long | AI Compute | $2.2M | 10,000 | $221.00 |
5 positions opened · Q2 2026