Six Weeks After Blowup, Leopold Aschenbrenner's Fund Is Back Buying the Same AI Stocks
AccBalanced · x · 2026-09-13
CNBC reports that Leopold Aschenbrenner's Situational Awareness fund is active again in the options market, buying call options "of some significance" in CoreWeave, AMD, Bloom Energy, and SanDisk — nearly the exact names that blew up the fund in July.
- The fund peaked near $45 billion in early July with leverage reported as high as 4x on concentrated AI bets
- The portfolio then fell 67% in one month, assets dropped to roughly $10 billion, and brokers forced a sale of the entire public book to Citadel at a steep discount
- His thesis: training compute grows about half an order of magnitude per year — GPT-4 in 2022 was roughly 25,000 A100s, a $500M cluster drawing 10MW, heading toward a full gigawatt by 2026
- He is simply extending that line forward and re-loading the same compute trade
Related event: Leopold's fund returns to AI stocks via options after blowup(3 posts)→
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