Inside the AI hedge fund's 13F: memory chips and power, not NVIDIA

Form 13F is the quarterly report that institutional managers with more than $100 million in US equities must file within 45 days of quarter end. It lists long positions in US-listed stocks and certain options, valued at quarter end. For a fund that markets itself on an AI thesis, it is the closest public look at how that thesis is expressed.

The headline numbers

Situational Awareness LP (SEC CIK 2045724) reported 26 line items worth $20,242,292,228 as of June 30, 2026, up from 42 line items worth $13,676,657,577 on March 31, 2026. Value changes reflect both trading and price moves, so the jump does not by itself mean new money came in.

Memory chips took over

Two memory names now dominate. Sandisk was worth $5.67 billion (2,495,344 shares) and Micron $5.57 billion (4,828,786 shares). Together they account for about $11.25 billion of the $20.24 billion reported, or 55.5% nContext: n=26 13F line items · as of Jun 30, 2026 · Form 13F-HR, accession 0000935836-26-000418 · margin: not applicable, reported values. At March 31, the fund held only 17,362 Micron shares; the second-quarter filing shows 4,828,786. The memory link to AI is direct: high-bandwidth memory sits next to every AI accelerator, and NVIDIA's own CFO commentary for the quarter cites a jump in supply commitments 'primarily related to the procurement of memory.'

Power and data-center hosts

The rest of the book reads like a map of AI infrastructure bottlenecks. Bloom Energy, which sells on-site fuel-cell power used by data centers, was the third-largest position at $1.90 billion. Taiwan Semiconductor rose to $1.27 billion from $7.6 million. New positions included Nebius Group ($1.23 billion) and STMicroelectronics ($584 million). The filing also lists CoreWeave, Core Scientific, Applied Digital, IREN, Riot Platforms, CleanSpark and Bitdeer, several of them former bitcoin miners that now lease capacity to AI customers.

The bearish options disappeared

The March 31 filing showed large put positions, which gain when a stock falls: on NVIDIA (8,992,300 underlying shares), Broadcom, AMD, ASML, Taiwan Semiconductor, Oracle and a VanEck ETF. None of those puts appears in the June 30 filing. The fund's direct NVIDIA stake, 2,855 shares at March 31, is also gone. The only put left is on Infosys, an IT-services company whose business AI could disrupt.

A caution on options: 13F values options at the value of the underlying shares, not the premium paid, and does not show strikes or expiries. A put line can be a hedge rather than a directional bet.

What happened after June 30

A 13F is a snapshot. The Reserve Bank of Australia's October 2026 Financial Stability Review states that in July, Situational Awareness 'suffered major losses on its leveraged positions in AI-related equities' and was forced to unwind positions to meet margin calls. The June 30 holdings above therefore may differ sharply from the fund's current portfolio, which will only be visible in its next 13F, due by November 14, 2026.