Leopold Aschenbrenner's funds add positions in Micron and SanDisk, facing liquidity risk

According to SEC documents, Situational Awareness LP significantly adjusted its holdings at the end of Q2 2026, with Micron's holdings increasing from $5.86 million to $5.574 billion and SanDisk's holdings increasing from $724 million to $5.674 billion. At the end of the second quarter, Micron and SanDisk together accounted for approximately 55% of its publicly traded stock portfolio, Bloom Energy、 TSMC's ADR and Nebius positions have also increased. The fund has significantly reduced put option hedging, resulting in a concentration of portfolio risk towards AI long positions and simultaneous pressure on highly correlated positions. A simple sector pullback may evolve into a liquidity crisis.