The SEC accepted Situational Awareness' Q2 13F at 4:26pm New York time on Thursday. A summary was circulating 18 minutes later, and it was accurate. I checked all twenty-six lines against the filing. What no summary of that filing could contain is 6,374,823 shares. On 22 June Leopold Aschenbrenner's fund filed a Form 3 on SharonAI Holdings ($SHAZ), declaring itself a ten percent owner. That filing disclosed 1,696,127 common shares and 6,374,823 pre-funded warrants, exercise price $0.0001, no expiration, exercisable at any time. The 13F shows the common. By 30 June it had grown to 5,396,127 shares, $456.8 million. The warrants are not in it, because pre-funded warrants issued in a placement are not 13(f) securities. Same manager, same issuer, eight days apart, and only one of the two filings carries the other half of the position. Four things a 13F structurally cannot show you: - Securities that are not 13(f) securities, which is where the SharonAI warrants sit - Anything not listed in the United States - Which entity is reporting. In Q1 two affiliated filers reported an identical book, so anyone who summed them counted $13.7bn twice. The deadline for Q2 was Thursday and only one of them has filed. I do not know why - Timing. The 13F arrives 45 days after quarter end. The Form 3 arrived in seven. And in the 45 days between the reporting date and this filing, the fund was margin called out of its entire public book and sold it to Citadel. The list everyone is reading today is a portfolio that no longer exists The second one is the one I work on. This fund's two largest positions are $SNDK at $5.67bn and $MU at $5.57bn, together about 55% of the reported book. It is a memory bet. The equipment and the consumables that memory gets made and tested with are also not listed in the United States. Here is what that means in practice. On 29 June, one day before the quarter closed, the same manager filed in Tokyo disclosing 5.99% of Taiyo Yuden (TSE: 6976), 7,808,800 shares, ¥136 billion committed. By 21 July it was 16.61%. By 3 August it was 4.41%. So on the reporting date of this 13F, there was a nine-figure dollar position in a Japanese passive component maker sitting on the same book. The filing has no line for it. It never could have. Look at those Tokyo dates again. 21 July at 16.61%, 3 August at 4.41%. That window is the same window in which the public book was being unwound. The Tokyo filings show the exit in near real time. The 13F, filed eleven days after it was over, shows the book at its peak. Whether those warrants were still outstanding on 30 June, and what the 19.99% ownership cap does to them, is the part I have not finished. The Form 4 filed on 2 July covers that window. If you want to know what a fund is doing, a 13F is where you start reading. It is not where the position ends. Sources: SEC EDGAR, Situational Awareness LP (CIK 0002045724), 13F-HR for period ended 30 June 2026, filed 14 August 2026 Same filer, Form 3 on SharonAI Holdings Inc., period 22 June 2026, filed 29 June 2026 Same filer, 13F-HR for period ended 31 March 2026, filed 15 May 2026 Situational Awareness Partners LP (CIK 0002038540), 13F-HR for period ended 31 March 2026, filed 15 May 2026 EDINET large shareholding reports, Situational Awareness LP on Taiyo Yuden, nine filings between 29 June and 3 August 2026 CNBC, reporting on the unwind of the public book, 30 and 31 July 2026