Do not use the notional value of Leopold’s put options. It is very misleading. Leopold Aschenbrenner’s Situational Awareness LP 13F: Common stock longs: $3.856B Call positions, underlying value: $1.362B Total long / call exposure: $5.218B The reported put value is mostly underlying notional, not the actual premium paid. Some estimate: he may have spent around $500M buying the puts. Very rough number, but directionally important. This looks less like a “massive bearish short” and more like a large downside hedge / protection overlay against his long AI infrastructure plays. Most likely, he was hedging for war / macro tail risk (seems reasonable hedging) and the puts got smoked after the massive semi rally in April. Now FinX is running with the fear narrative.