Breaking: Leopold Aschenbrenner is doubling down on his biggest private bet Situational Awareness is raising money to invest in Fluidstack at $40B valuation Leopold led the $7.5B round in January Other Fluidstack backers include: • BlackRock • Gavin Baker's Atreides

One of Leopold Aschenbrenner's biggest bets needs help He owns 19.9% of SharonAI $SHAZ, an Australian AI cloud company $SHAZ is now down 34% from his price Here's why Leopold could still be bullish: • $8.8B in signed contracts, including a $1.32B deal with an unnamed AI lab • Wall Street has an average price target of $109.50 • $1.9B in cash at the end of June • Its $430M Q2 loss was almost all one non-cash accounting charge It was one of the biggest losers in his fund before Citadel bought his public book, but his next 13F filing comes out Nov 16

Leopold Aschenbrenner gave everyone a 92% return On 2/11/26, he filed a 13F disclosing $911M in $BE Since then, Bloom Energy has announced: • $25B Brookfield partnership to build data centers • 2.8GW fuel cell deal with Oracle • $2.65B order from American Electric Power Since he disclosed, $BE is up 92% Follow this account so you don't miss the next

Breaking: Leopold Aschenbrenner's options have expired Two weeks ago, reports said Leopold opened 4 option positions in the following: • Micron $MU: strike $1,000 • SanDisk $SNDK: strike $1,600 • Intel $INTC: strike $115 • Marvell $MRVL: strike $250 He paid $96M and all four expired in the money 47% return and profited about $45.6M in 2 weeks

Leopold Aschenbrenner's complete updated holdings including newest added positions Top tier: • SanDisk $SNDK [Long, 28.0%] • Micron $MU [Long, 27.5%] Second tier: • Bloom Energy $BE [Long, 9.4%] • Taiwan Semiconductor $TSM [Long, 6.2%] • Nebius $NBIS [Long, 6.1%] Third tier (~2-4% each): • CoreWeave $CRWV [Long] • Core Scientific $CORZ [Long] • STMicroelectronics $STM [Long] • Applied Digital $APLD [Long] • Riot Platforms $RIOT [Long] • SharonAI Holdings $SHAZ [Long] • IREN $IREN [Long] • Taiyo Yuden [Long] Moonshot tier (~0-0.9% each): • CleanSpark $CLSK [Long] • Keel Infrastructure $KEEL [Long] • Solaris Energy Infrastructure $SEI [Long] • WhiteFiber $WYFI [Long] • Bitdeer Technologies $BTDR [Long] • T1 Energy $TE [Long] • Hive Digital Technologies $HIVE [Long] • Babcock & Wilcox $BW [Long] • ProPetro Holding $PUMP [Long] • Vishay Intertechnology $VSH [Long] • Cerebras Systems $CBRS [Long] • Bloom Energy $BE [Call, $44.1M] • Taiwan Semiconductor $TSM [Call, $23.9M] • Infosys $INFY [Put, $5.2M] New options bets (Sep 10-11, ~$315M in premiums): • AMD $AMD [Call] • Bloom Energy $BE [Call] • CoreWeave $CRWV [Call] • SK Hynix [Call] • SanDisk $SNDK [Call] • Intel $INTC [Call] • Roundhill Memory ETF $DRAM [Call] Private companies: • Anthropic ~$5B • Fluidstack $830M • Source Foundry $500M • MatX $500M • Physical Intelligence $1B Full exits: • Nvidia $NVDA [Put] - Covered entirely • Oracle $ORCL [Put] - Covered entirely • Broadcom $AVGO [Put] - Covered entirely • AMD $AMD [Put] - Covered entirely • Micron $MU [Put] - Covered entirely • Taiwan Semiconductor $TSM [Put] - Covered entirely • ASML $ASML [Put] - Covered entirely • Intel $INTC [Put] - Covered entirely • Corning $GLW [Put] - Covered entirely Summary: Every semiconductor hedge is gone. He's back with fresh call options on the same memory and compute names. Positions per his Q2 2026 13F which occurred before Citadel fire sale, private investment reports, and CNBC/FT on the new options activity

Leopold Aschenbrenner is about to have the trade of his career Situational Awareness first acquired an Anthropic stake in 2025, when the company was valued at $60B Here's what the stake looks like now: • Leopold's Anthropic stake: $5B, per FT • Last valuation: $965B, in a $65B Series H • Anthropic stake survived forced sale to Citadel in July • Anthropic targeting a $2T IPO valuation Leopold went fired from OpenAI in 2024 to making up to $10,000,000,000

Leopold Aschenbrenner's 2026 recap so far $225M to $45B to a fire sale to buying it all back: 1. Fired from OpenAI's Superalignment team April 2024 2. Publishes "Situational Awareness," goes viral in June 2024 3. Launches fund, $225M seed from the Collison brothers, Nat Friedman, Daniel Gross in July 2024 4. Discloses $254.8M across 6 holdings in his first 13F, filed in February 2025 5. DeepSeek panic hits the market, he buys into the dip in January 2025 6. Portfolio grows to $5.52B across 29 holdings, filed in February 2026 7. Files a $13.68B, 42-holding 13F rotating from chips into power infrastructure in May 2026 8. AUM hits $45B, up 439% YTD, running up to 4x leverage in early July 2026 9. AI infrastructure stocks crack, margin calls hit from Goldman, JPMorgan, Bank of America 10. Forced to sell his entire public book to Ken Griffin's Citadel at a discount 11. AUM falls from $45B to $10B in three weeks 12. Gets married the same week, to Anthropic's chief of staff 13. JPMorgan cuts him off as a lender, he moves to Clear Street 14. Deploys $400M into a private company, on top of $100M the month before 15. Starts buying AI options again on $AMD, $BE, $CRWV, $SKHY in September 2026 16. Up 80% YTD, carried by $5B Anthropic stake up 620% YTD 17. Next 13F comes due in November 16 2026 And currently on Autopilot, the 'Leopold Tracker' doesn't use leverage and is up 78% from March 5th to Sept 24th

Breaking: Leopold Aschenbrenner just became Goldman's biggest hedge fund client • $200M+ paid to Goldman in fees this year, more than any other hedge fund client • Situational Awareness is barely 2 years old, already sitting alongside Citadel and Millennium as a top Goldman client • Fund grew from a few hundred million to $20B+ on 400% returns, before a forced $16B sale to Citadel this summer • Aschenbrenner told investors in July he'd stop borrowing to leverage trades, meaning future Goldman fees won't be on the same scale, per FT Leopold's next 13F filing comes out November 16th and it'll be public how much his remaining in Situational Awareness LP

The Big Short vs the Nostradamus of AI Michael Burry has been short Micron $MU since July 2nd, adding to the position again this week Leopold Aschenbrenner was reported to have opened call options in the following, all expiring October 2nd: • Micron $MU: $44M • SanDisk $SNDK: $41M • Intel $INTC: $11M combined position • Marvell $MRVL: $11M combined position Here's the scoreboard: • Burry Tracker is up 2% YTD on Autopilot • Leopold Tracker up 84% since March on Autopilot • $MU is up 2% since Burry's short opened • Today’s price, Leopold's bet would already be profitable by ~$74/share Leopold’s next 13F filing releases November 16 and then we see how his fund held up

Update: Rosenblatt initiated SanDisk with a Buy rating and a $2,400 price target $SNDK is now up ~636% since Leopold Aschenbrenner disclosed a $12.9M stake He first disclosed the position in November 2025 at ~$254/share

Investigation into Situational Awareness's downfall expands Jane Street was an investor in Leopold Aschenbrenner's fund, and lost $15B in July when the AI selloff took the fund down with it JPMorgan was one of Situational Awareness's key lenders. Last month it cut the fund off entirely, ending its lending relationship after the losses Now the Fed and the Bank of England are asking global banks how exposed they are to trading firms like Jane Street and Citadel Securities, the firm that bought Aschenbrenner's portfolio in the fire sale, per FT Last month, the SEC already subpoenaed four of Wall Street's biggest banks over the collapse: • Goldman Sachs • JPMorgan • Citigroup • Bank of America The Fed, the Bank of England, and the SEC are all asking questions about the same fund now

Leopold Aschenbrenner doubled down on a company founded in 2005 last quarter He added 115% more to the position he took in Q4 2025 ProPetro Holding $PUMP, they've been pumping high-pressure fluid into oil wells since before their 2017 IPO What changed is PROPWR, their push into on-site power generation for AI data centers Here's what you need to know: • Long-term, 60-megawatt power contract locked with a major AI hyperscaler • 350 megawatts in total contracted capacity across the segment • His stake is now worth $28.1M • Still a small percentage of their business model next to their core hydraulic fracturing business Also worth keeping a mind on: • Morgan Stanley started coverage Monday with an Equal-Weight and a $13 target • Stock sits 43% off its April high • Institutions still own 85% of the float While everyone is buying chip companies, Leopold bought the company selling the generators to keep them running

Leopold Aschenbrenner's complete updated holdings including newly added option calls Top tier: • SanDisk $SNDK [Long, 28.1%] • Micron $MU [Long, 27.6%] Second tier: • Bloom Energy $BE [Long, 9.4%] • Taiwan Semiconductor $TSM [Long, 6.3%] • Nebius $NBIS [Long, 6.1%] Third tier (~2-4% each): • CoreWeave $CRWV [Long] • Core Scientific $CORZ [Long] • STMicroelectronics $STM [Long] • Applied Digital $APLD [Long] • Riot Platforms $RIOT [Long] • SharonAI Holdings $SHAZ [Long] • IREN $IREN [Long] Moonshot tier (~0-0.9% each): • CleanSpark $CLSK [Long] • Keel Infrastructure $KEEL [Long] • Solaris Energy Infrastructure $SEI [Long] • WhiteFiber $WYFI [Long] • Bitdeer Technologies $BTDR [Long] • T1 Energy $TE [Long] • Hive Digital Technologies $HIVE [Long] • Babcock & Wilcox $BW [Long] • ProPetro Holding $PUMP [Long] • Vishay Intertechnology $VSH [Long] • Cerebras Systems $CBRS [Long] New options bets (Sep 10-11, ~$315M in premiums): • AMD $AMD [Call] • Bloom Energy $BE [Call] • CoreWeave $CRWV [Call] • SK Hynix [Call] • SanDisk $SNDK [Call] • Intel $INTC [Call] • Roundhill Memory ETF $DRAM [Call] Private companies: • Anthropic ~$5B • Fluidstack $830M • Source Foundry $500M • MatX $500M • Physical Intelligence $1B Full exits: • Nvidia $NVDA [Put] - Covered entirely • Oracle $ORCL [Put] - Covered entirely • Broadcom $AVGO [Put] - Covered entirely • AMD $AMD [Put] - Covered entirely • Micron $MU [Put] - Covered entirely • Taiwan Semiconductor $TSM [Put] - Covered entirely • ASML $ASML [Put] - Covered entirely • Intel $INTC [Put] - Covered entirely • Corning $GLW [Put] - Covered entirely Summary: Every semiconductor hedge is gone. He's back with fresh call options on the same memory and compute names. Per his Q2 2026 13F, private investment reports, and CNBC/FT on the new options activity