Leopold Aschenbrenner's 13F finally dropped and X is already full of the DUMBEST interpretations possible! Please read this. 1. The 13F shows what the fund held as of quarter-end: March 31. 2. A huge part of the positions are PUTS. Does this mean he's bearish today? -> WE DON'T KNOW! Everyone is just guessing. It is completely possible that he bought those puts during the quarter as the Iran war escalated, to hedge, and they increased a ton in value. They might have started as small positions that simply grew a lot. He might have sold them at the exact bottom, perfectly timed the market, and gone 100% long for the massive rally that started on April 1. OR he was insanely bearish, bought a lot of puts, kept them, and completely screwed up by being massively positioned in puts before the craziest rally ever. He could have made the most genius move or the dumbest move possible and now look like an idiot. WE DON'T KNOW. This is the issue with such delayed reports. But of course today, you will see everyone on X go crazy with: "Leopold went short aaaaaaaaaaah, the sky is falling, he's calling for a crash." But that was months ago, in the middle of the Iran volatility! We have no idea if he added to his puts or if he's currently 100% long or maybe even bought calls?! We don't know if his move was good or bad. So while you're reading all these takes on X today, know that you're going to read a ton of complete nonsense from people who have no idea what they're talking about. But here are some things that stand out to me! While he decreased his $BE exposure, Bloom Energy was still his biggest position (6.4%) Closely followed by $SNDK (5.3%) He also cut $CRWV from 8% -> 4% I honestly can't believe he missed $NBIS so badly. He also reduced his $IREN position from 6% to 3% (even though he net added shares). Big $CORZ cut aswell from 7.6% -> 3% HUGE cut in his $CRWV calls from 14% -> 1% A lot of $TE investors are getting excited he built a position, which is definitely bullish, but it's worth mentioning that was most likely before the big drop after the disappointing earnings and it's a tiny 0.3% position for him. One of the funniest positions is a 0.15% $GLW Put lol. 100% / Completely went out of: $INTC Calls (13.5% -> 0%) $CIFR (2.8% -> 0%) $EQT (2.4% -> 0%) Photonics: $LITE (8.6% -> 0%) That one is super interesting to me. Also cut $TSEM and $COHR from 1.5% -> 0%

Leopold released his 13F and uhh... WHAT IS THIS? Puts in $SMH $NVDA $ORCL $AVGO $AMD $MU $TSM $ASML Bro turned into Michael Burry However, the fact that he was in these positions on March 31st means that the following rally over the next six weeks absolutely obliterated him. What is happening to Leopold (or what does he think is happening to us)?

CORRECTED: Leopold 13F Option analysis My friend @imnotharsh informed that 13F does not include short option position. So therefore, we can assume all the legs, common are laid out like this. The only reasonable conclusion is that he was doing a strangle position with bias toward down direction. We know the strikes so it's hard to estimate exactly. Based on contract sizing, dollar value, he is likely underwater for these as $MU moved up a lot recently.

leopold aschenbrenner just released his fund's latest investment portfolio & honestly its not what i expected he's gone massively short the entire semiconductor supply chain but also revealed what he thinks the next AI constraint is: > biggest surprise: he's short intel. he sold out of his massive Intel position that made him famous. > he's also gone short $9B worth of puts in nvidia, asml, amd, oracle and van ecks semi etf. > biggest long positions are in memory (sandisk) and power (bloom) with a combined $3.5B value (these are his next bottlenecks) > he trimmed ~$1B of bloom energy position but still holds $1 billion of it. his single largest long holding. > his lumentum position is gone (bearish optics?) > the one consistent thesis is he continues to hold data center bets (ai labs will still need gpus) > fund is now worth $13.7 billion (notional). it was just $5.5B 3 months ago and $220 million ~1yr ago