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

One of the more interesting things happening on Autopilot rn is Leopold Aschenbrenner's hedge fund nearly blew up Yet his tracker still has $26,000,000 of retail capital trading alongside it And it's still up 68% since inception It seems retail investors want access to Leopold's ideas, not necessarily his risk structure So even as Leopold plays around with leverage, retail can still tap into his expertise by simply owning the underlying stocks Same thesis, very different risk Ultimately both are making the same bet: stocks go up

Breaking: Michael Burry says OpenAI and Anthropic are faking the AI warnings due to slow growth ahead of IPOs Below are his reasonings: 1. LLMs are not AI and won't be AGI. There is nothing AI to slow down. 2. Competition is coming up fast, slowing benefits incumbents. 3. IPOs need hype & puffery; "we are so awesome it could become dangerous" is hype & puffery 4. Cover for real uncontrollable slowing growth as IPOs look to be pushed out

Leopold is about to get finished off for good Jul 29: Situational Awareness gets margin called after 4x leveraged AI bets blow up Jul 30: Citadel acquires his entire public portfolio in a fire sale Jul 31: Leopold gives up all leverage, closes every short, tells investors "we let you down" Sep 11: News outlets announce he's back. Buying options on AI and memory stocks Sep 12: Anthropic CEO Dario Amodei publishes an essay calling for the entire AI industry to slow down Markets open today and Leopold's option holdings plummet 5.7% to 9.0% • $AMD: -5.7% • $BE: -7.3% • $CRWV: -9.0% • $SKHY: -7.5% • $SNDK: -6.2% • $DRAM: -6.8% Higher ups don't want him winning

New: Leopold found an alternative to leverage, per CNBC Situational Awareness is active in options market and he’s buying call options in the following: • Advanced Micro Devices $AMD • Bloom Energy $BE • SanDisk $SNDK

Breaking: Situational Awareness increased its stake in a 159 year old company by 49% last quarter Everything you need to know about Leopold's position: • 2,027,451 shares, worth $28,587,059 • Added 673,551 shares from Q4 2025 • One of the smallest positions in the fund Founded 1867, it makes industrial boilers and power generation equipment, now pushing into AI data center power through its FastPower program The company is Babcock & Wilcox $BW Why it's one to watch: • Needham initiated coverage August 31st with a Buy rating and $20 price target • Backlog is $2.6 billion • The stock is down 66% from its peak in May

Leopold Aschenbrenner invested in a company that didn't exist three years ago Position size: • 1,757,600 shares worth $68,282,760 • Up 145.9% since first appearing in the fund • 16th largest holding of 26 Incorporated in October 2023, it builds and runs the data centers and GPU clusters that power AI training and inference, running Nvidia's newest chips for companies building large language models The company is WhiteFiber, Inc. $WYFI Here's why it's worth watching: • Cantor Fitzgerald just upgraded shares to Overweight and raised its price target to $36 • Remaining performance obligations hit $1.01 billion in the second quarter, up 9% in one quarter • $NVDA's newest B300 and Vera Rubin GPUs are being deployed at WhiteFiber's data centers for customers including Prime Intellect and Baseten Also, WhiteFiber is targeting a September 30 ready-for-service date for its $160 million Paris deployment

Leopold Aschenbrenner's biggest position outside AI chips is still down big The stock trades under $5 and is -60% from its high Leopold bought 6.9M shares in Q4 2025, increased to 19.9M the next quarter, and per the latest filing he has a total of 26.5M shares Here's why he's investing in $KEEL: • CEO and COO bought $525K in the past 3 weeks • 7 of 8 analysts rate it Buy, $6.25 target, 87% upside • Exited Bitcoin mining, converting Moses Lake into an AI data center by 2027 • Trades 42% below his $5.74 cost basis • Controls 2.2 GW power pipeline across PA, WA, Quebec, interconnections secured