The SEC accepted Situational Awareness' Q2 13F at 4:26pm New York time on Thursday. A summary was circulating 18 minutes later, and it was accurate. I checked all twenty-six lines against the filing. What no summary of that filing could contain is 6,374,823 shares. On 22 June Leopold Aschenbrenner's fund filed a Form 3 on SharonAI Holdings ($SHAZ), declaring itself a ten percent owner. That filing disclosed 1,696,127 common shares and 6,374,823 pre-funded warrants, exercise price $0.0001, no expiration, exercisable at any time. The 13F shows the common. By 30 June it had grown to 5,396,127 shares, $456.8 million. The warrants are not in it, because pre-funded warrants issued in a placement are not 13(f) securities. Same manager, same issuer, eight days apart, and only one of the two filings carries the other half of the position. Four things a 13F structurally cannot show you: - Securities that are not 13(f) securities, which is where the SharonAI warrants sit - Anything not listed in the United States - Which entity is reporting. In Q1 two affiliated filers reported an identical book, so anyone who summed them counted $13.7bn twice. The deadline for Q2 was Thursday and only one of them has filed. I do not know why - Timing. The 13F arrives 45 days after quarter end. The Form 3 arrived in seven. And in the 45 days between the reporting date and this filing, the fund was margin called out of its entire public book and sold it to Citadel. The list everyone is reading today is a portfolio that no longer exists The second one is the one I work on. This fund's two largest positions are $SNDK at $5.67bn and $MU at $5.57bn, together about 55% of the reported book. It is a memory bet. The equipment and the consumables that memory gets made and tested with are also not listed in the United States. Here is what that means in practice. On 29 June, one day before the quarter closed, the same manager filed in Tokyo disclosing 5.99% of Taiyo Yuden (TSE: 6976), 7,808,800 shares, ¥136 billion committed. By 21 July it was 16.61%. By 3 August it was 4.41%. So on the reporting date of this 13F, there was a nine-figure dollar position in a Japanese passive component maker sitting on the same book. The filing has no line for it. It never could have. Look at those Tokyo dates again. 21 July at 16.61%, 3 August at 4.41%. That window is the same window in which the public book was being unwound. The Tokyo filings show the exit in near real time. The 13F, filed eleven days after it was over, shows the book at its peak. Whether those warrants were still outstanding on 30 June, and what the 19.99% ownership cap does to them, is the part I have not finished. The Form 4 filed on 2 July covers that window. If you want to know what a fund is doing, a 13F is where you start reading. It is not where the position ends. Sources: SEC EDGAR, Situational Awareness LP (CIK 0002045724), 13F-HR for period ended 30 June 2026, filed 14 August 2026 Same filer, Form 3 on SharonAI Holdings Inc., period 22 June 2026, filed 29 June 2026 Same filer, 13F-HR for period ended 31 March 2026, filed 15 May 2026 Situational Awareness Partners LP (CIK 0002038540), 13F-HR for period ended 31 March 2026, filed 15 May 2026 EDINET large shareholding reports, Situational Awareness LP on Taiyo Yuden, nine filings between 29 June and 3 August 2026 CNBC, reporting on the unwind of the public book, 30 and 31 July 2026

2026, day 226 Good morning from Asia. ‘US eyes indefinite Iran naval blockade as oil supply shortfall deepens’ (Reuters); ‘US Treasury Secretary Bessent says US to apply measures 'never seen before' on Iran’ (JPost); ‘U.S. Sending Fresh Aircraft Carrier to Middle East Amid Iran War Strain’ (WSJ) - “USS George Washington is set to replace USS Abraham Lincoln, which has been deployed for more than 250 days”; ‘U.S. military has lost roughly 25% of its Reaper drones as Iran war depletes arsenal’ (WaPo); ‘Houthis claim drone attack on Saudi Aramco refinery’ (Gulf News); ‘MBS meets top US general for Middle East to discuss defense cooperation, reducing tensions’ (Al Arabiya); ‘Saudi Arabia considers backing Yemeni ground offensive to retake Houthi-held Red Sea coast’ (JPost); ‘Prince Khalid meets Iraq’s top general to discuss Saudi-Iraqi defense ties’ (Al Arabiya); ‘Board of Peace confirms Kushner to visit Israel and Egypt next week to discuss Gaza plan’ (ToI); ‘Fidan: Türkiye will take radical steps if Israel insists on Gaza stance’ (ClashReport); ‘US military launches first-ever multinational attack drone task force’ (Gulf News); ‘Trump Orders Navy to Restore Older Tech on Aircraft Carriers, Costing Billions’ (WSJ); ‘US floats prospect of joint strikes on Colombian armed groups’ (Reuters): ‘Oil, Hunters and Dr. Phil: How a Long-Shot Project Is Shaking Up Greenland’ (NYT); ‘Covert CIA program said to be behind mysterious attacks on Galápagos boats’ (WaPo); ‘What Venezuela's renewed ties with Israel could mean for Iran’ (JPost); ‘Britain warned it lacks firepower needed to defend shipping from Russia’ (Telegraph); ‘’Much faster than originally planned': Ukraine warns of Russian rival to Musk's Starlink’ (Politico); ‘Flight-tracking data shows continued Russian air bridge to sub-Saharan Africa’ (Defense News); ‘Tokyo issues angry response as Putin makes his first visit to the disputed Kuril Islands’ (Euronews); ‘Japan needs deterrence and renewal — not managed decline’ (FT); ‘Sirens blare and the streets empty out. Taiwan prepares itself for war’ (Telegraph); ‘Satellite images show 50 per cent boost to China's Type 054B missile capacity’ (SCMP); ‘Inside North Korea’s Operation to Conquer the American Job Market’ (WSJ); ‘North Korea slams joint US-South Korea drill: 'Will respond to new threat level'’ (Reuters); In geoeconomics, ‘Are global oil stocks big enough to weather another six months of US-Iran war?’ (Reuters); ‘Russia’s Diesel Exports Crash to Multiyear-Low amid Tight Global Market’ (OilPrice); ‘Can Takaichi's $2.3tn bet on industrial policy revive growth in Japan?’ (Nikkei Asia); ‘Japan’s Inflation Paradox Is Creating Its Own Winners and Losers’ (BBG); ‘Trump enlists US tech groups for cyber privateering push’ (FT) ‘US accuses Chinese exporters of masterminding 'Great Transshipment Scam'’ (SCMP); ‘Trump administration to impose tariffs on drone imports, White House says’ (Reuters); ‘Bangladesh seeks homegrown drone industry with Turkey, China partnerships’ (Nikkei Asia); ‘Microsoft retreats in China, but Al boom helps it keep a window open’ (Reuters); ‘Brazil opens reciprocity process against US over tariffs’ (Reuters); ‘US also wants trade deal before August 19 tariff deadline, Canadian source says’ (Reuters); ‘US court backs Trump's power to close 'de minimis' tariff exemption’ (Reuters); In politics, ‘Older Democrats walloped by midterms anti-establishment revolt’ (Axios); ‘Top Democrat Targets Supreme Court for Changes’ (WSJ); ‘China ‘funding pro-Palestine marches in UK’’ (Telegraph); In markets, ‘Diesel Crack Spread Tops $98 a Barrel to Hit Record High’ (BBG); ‘US sells 30-year bonds at highest borrowing costs since 2001’ (FT); ‘Anthropic investors bet on $2tn valuation in record IPO’ (FT); ‘Chinese banks test repo-linked corporate loans to make pricing more market-based’ (SCMP)