New Leverage Shares by Themes 2x single stock ETFs now live on @cboe. $MUG: 2x Long Micron Technology $FIXX: 2x Long Comfort Systems USA $FLEL: 2x Long Flex $STMX: 2x Long STMicroelectronics Trading now – 24/5 around the clock.

JUST IN: Stanley Druckenmiller just updated his portfolio This is everything Duquesne Family and Stanley Druckenmiller owned as of the end of Q1 Natera $NTRA: $576.7M Taiwan Semiconductor $TSM: $201.2M STMicroelectronics $STM: $161.1M YPF Sociedad Anonima $YPF: $142.0M Insmed $INSM: $126.3M Brazil ETF $EWZ: $124.6M BBB Foods $TBBB: $113.6M NewAmsterdam Pharma $NAMS: $109.2M Sea Limited $SE: $96.8M Roku $ROKU: $93.2M Alcoa $AA: $92.9M Broadcom $AVGO: $83.7M Teva Pharmaceutical $TEVA: $82.1M Woodward $WWD: $73.6M Sandisk $SNDK: $54.1M Figure Technology $FIGR: $51.2M Revolution Medicines $RVMD: $46.0M Intel $INTC: $44.9M Coupang $CPNG: $43.5M Humana $HUM: $42.1M Seagate $STX: $40.6M CRH $CRH: $39.0M Lattice Semiconductor $LSCC: $39.0M Bloom Energy $BE: $38.6M Option Care Health $OPCH: $36.5M Twilio $TWLO: $36.0M Restaurant Brands $QSR: $34.6M Global X MSCI Argentina ETF $ARGT: $33.7M Jabil $JBL: $28.2M Caris Life Sciences $CAI: $28.1M Wabtec $WAB: $25.0M United Airlines $UAL: $24.6M Cleveland-Cliffs $CLF: $23.8M Arm Holdings $ARM: $22.5M iShares GSCI Commodity $GSG: $22.0M Southern Copper $SCCO: $21.7M Linde $LIN: $20.9M Unity Software $U: $20.4M Nuvation Bio $NUVB: $20.1M Qnity Electronics $Q: $19.8M Micron Technology $MU: $17.2M Protagonist Therapeutics $PTGX: $16.4M Coherent $COHR: $15.8M Belite Bio $BLTE: $15.2M Olema Pharmaceuticals $OLMA: $13.4M Xenon Pharmaceuticals $XENE: $13.0M ADMA Biologics $ADMA: $12.8M StubHub Holdings $STUB: $12.2M PureCycle Technologies $PCT: $12.1M Amazon $AMZN: $12.1M Celestica CLS: $12.0M Daktronics DAKT: $10.7M Cloudflare NET: $10.4M Twist Bioscience TWST: $10.1M LyondellBasell LYB: $9.9M Vista Energy VIST: $9.8M JBS JBS: $8.9M EchoStar SATS: $8.3M Almonty Industries ALM: $8.2M DBV Technologies DBVT: $7.5M Lumentum LITE: $6.8M Solstice Advanced Materials SOLS: $5.3M MercadoLibre MELI: $4.3M Westlake WLK: $1.9M Wave Life Sciences WVE: $1.2M

This is what Leopold Aschenbrenner owned before he got margin called This is what Leopold's portfolio looked like as of the end of Q2 - SanDisk $SNDK: 2,495,344 shares, $5.7B - Micron $MU: 4,828,786 shares, $5.6B - Bloom Energy $BE: 6,272,808 shares, $1.9B - Taiwan Semiconductor $TSM: 2,649,035 shares, $1.3B - Nebius $NBIS: 4,464,260 shares, $1.2B - CoreWeave $CRWV: 7,479,558 shares, $0.7B - Core Scientific $CORZ: 26,008,473 shares, $0.7B - STMicroelectronics $STM: 7,802,700 shares, $0.6B - Applied Digital $APLD: 15,384,616 shares, $0.5B - Riot Platforms $RIOT: 17,100,000 shares, $0.5B - Sharonai: 5,396,127 shares, $0.5B - IREN $IREN: 9,474,099 shares, $0.4B - CleanSpark $CLSK: 12,276,139 shares, $0.2B - Keel: 26,451,393 shares, $0.2B - Solaris $SEI: 1,129,621 shares, $0.1B - Whitefiber: 1,757,600 shares, $0.1B - Bitdeer Technologies $BTDR: 3,439,450 shares, $0.05B - T1 Energy $TE: 4,900,000 shares, $0.05B - Hive Digital $HIVE: 9,133,726 shares, $0.03B - Babcock & Wilcox $BW: 2,027,451 shares, $0.03B - ProPetro $PUMP: 1,960,382 shares, $0.03B - Vishay $VSH: 375,000 shares, $0.02B - Cerebras $CBRS: 10,000 shares, $0.002B Call options: - Bloom Energy calls: 145,800 contracts, $0.04B - Taiwan Semiconductor calls: 50,000 contracts, $0.02B Put options: - Infosys puts: 500,000 contracts, $0.005B

All these stocks hit new 52 WEEK HIGHS at some point today Nvidia $NVDA Taiwan Semiconductor $TSM Broadcom $AVGO Nebius $NBIS Marvell $MRVL Applied Materials $AMAT Rocket Lab $RKLB Ford $F Cisco $CSCO Bloom Energy $BE Nokia $NOK ASML Holdings $ASML Palo Alto Networks $PANW Crowdstrike $CRWD Texas Instruments $TXN Lam Research $LRCX Hewlett Packard Enterprise $HPE ON Semiconductor $ON Vertiv Holdings $VRT Knight-Swift $KNX Enbridge $ENB Tower Semiconductor $TSEM Applied Digital Corp $APLD Intuitive Machines $LUNR STMicroelectronics $STM Starbucks $SBUX CVS Corp $CVS Philip Morris $PM Echostar $SATS Morgan Stanley $MS J.B. Hunt Transport $JBHT Viking Holdings $VIK Fortinet $FTNT Sterling Infrastructure $STRL British American Tobacco $BTI Comfort Systems USA $FIX Core Scientific $CORZ Vicor Corp $VICR United Microelectronics $UMC Casey's General Stores $CASY Interactive Brokers $IBKR Borgwarner $BWA Targa Resources $TRGP Royalty Pharma $RPRX Arrowhead Pharma $ARWR Viasat $VSAT Ericsson $ERIC Docusign $DOC Madison Square Garden Sports $MSGS

This is WILD! Leopold Aschenbrenner built one of the most concentrated, leveraged AI bets on Wall Street, it blew up spectacularly and the firm that bailed him out just finished cashing in on the rebound it arguably helped set up. The pie chart shows Situational Awareness holding $20.2 billion in disclosed US equities as of June 30, 2026, up 48% quarter over quarter, but this is a snapshot of past positioning, filed weeks after the portfolio had already collapsed. More than 55% of the entire book sat in just two memory chip names, SanDisk at 28% ($5.7 billion) and Micron at 27.5% ($5.6 billion), an extraordinary concentration for a fund managing tens of billions. The remaining bet was on Bloom Energy at 9.6% ($1.9 billion), TSMC at 6.4% plus $24 million in calls, Nebius at 6.1% ($1.2 billion), CoreWeave at 3.7% ($745 million), and smaller stakes in Core Scientific, IREN, Applied Digital, and STMicroelectronics, plus a $5 million put on Applied Digital, suggesting Aschenbrenner was simultaneously long the AI power/hosting theme while hedging pieces of it. Reports show that the fund was running leverage up to 4x and when AI related and semiconductor names sold off sharply in July, the portfolio lost roughly 67% of its value in a single month, collapsing from a peak near $45 billion to about $10 billion. Citadel had published a report suggesting the Fed would likely raise rates and that Citadel along with other hedge funds then shorted the market into that narrative, a combination of pressure some claim directly contributed to bringing Leopold's fund down. Facing margin calls it couldn't meet, Situational Awareness was forced to sell essentially its entire leveraged public equity book, SanDisk, Micron, and the rest, to Ken Griffin's Citadel in late July reportedly 40 to 50 cents on the dollar. Here's where it gets messy. On August 11, roughly two weeks after absorbing Aschenbrenner's distressed portfolio, Citadel Securities derivatives strategy head Scott Rubner published a note telling clients the leverage reset has largely run its course and that systematic buyers were preparing to reload on the exact type of high beta semiconductor names that had just been liquidated, citing leveraged ETF assets crashing 42% and semiconductor linked leveraged ETFs shrinking to just $31 billion. Then this week, Griffin disclosed Citadel had already shed more than 80% of that risk through over 100 block trades worth more than $4 billion. Citadel's own desk was warning the market of further liquidation risk in the names it had just bought cheap, then two weeks later called the bottom and told clients to buy, then quietly sold the bulk of its own distressed stake into that exact rebound it had just publicly hyped. This is why some of your favorite AI names like Nebius, Micron, and SanDisk got crushed even though the underlying thesis never changed. The selloff was not necessarily the market suddenly deciding AI infrastructure was overvalued, it was a massively leveraged fund being forced to dump billions of dollars in stock at the worst possible time. Wall Street did not panic with you but rather bought those distressed shares for pennies on the dollar, helped fuel the rebound, and then sold them right back to the market at a profit. if you enjoyed reading this make sure to follow @MelvinInvests for more AI and market insights.

This is what some of the richest and most famous investors in the world bought during Q2 - Warren Buffett's Berkshire Hathaway: Google, Macy's, D.R. Horton, Lennar, Delta Air Lines, New York Times - Bill Ackman's Pershing Square: Netflix, S&P Global, Mastercard, Visa, Uber, Microsoft, Howard Hughes, Restaurant Brands, Meta - David Tepper's Appaloosa: Boeing, American Airlines, CoreWeave, SpaceX, Taiwan Semiconductor, Uber, Goodyear, Amazon, Baidu, Meta - Stanley Druckenmiller's Duquesne: Insmed, Fox, Bitdeer, CDW, Delta Air Lines, STMicroelectronics, Natera, Taiwan Semiconductor, Google, Tesla, Amazon - Chris Hohn's TCI Fund Management: Martin Marietta, Vulcan Materials, Visa, S&P Global, Ferrovial, Google - Seth Klarman's Baupost Group: Genuine Parts, Amazon, Axalta, Norwegian Cruise Line, Google, GDS Holdings, Ferguson Credit to @carbonfinancex for the infographic