Situational Awareness LP — 13F Dashboard

13F Value — May 18

13F Value — Feb 11

prior filing

New Positions

added since Feb

Closed Positions

exited since Feb

Put Exposure (May)

Long Exposure (May)

Key story (Feb → May): SA LP built a massive semiconductor short book via put options — NVIDIA ($1.57B), VanEck Semi ETF ($2.04B), Oracle ($1.07B), Broadcom ($1.01B), AMD ($969M), Micron ($584M), TSMC ($535M), ASML ($494M), Intel ($159M) — roughly $8.5B notional in new puts. Intel was completely flipped: a $747M call was closed, replaced with a put. On the long side, crypto-miner stakes grew sharply (CleanSpark +648%, Bitfarms +188%, Riot +87%). Eight positions were fully exited: Cipher Mining, Coherent, EQT, Hut 8, Kilroy REIT, Liberty Energy, Lumentum, Tower Semi.

For options (Put/Call), the SEC-reported value is the notional fair market value of the underlying shares referenced by the contract — not the option premium paid.

New Positions Added

Positions Fully Closed

Changed Positions

Issuer	Type	Feb Shares	May Shares	Δ Shares	Feb Value	May Value	Δ Value	% Chg

All Signals at a Glance

For individual investors — how to read this: 13F filings show what a fund held at quarter end (here: March 31, 2025), published 45 days later. By the time you read this, positions may have changed. This is one fund's view — not investment advice. Long = they own the stock and profit if it rises. Call option = they bet the stock will rise (leveraged). Put option = they bet the stock will fall — but puts can also be used to hedge existing long positions. Always consider position sizing: a $500K "long" alongside a $1.5B put is essentially a short.

Bullish — New Long Positions Opened

Bullish Signal

HIVE Digital Technologies

New long · $6.4M · Crypto Mining

SA LP opened a brand-new stake in this Bitcoin miner, alongside aggressive additions to every other miner in the portfolio. Signals broad bullishness on the crypto mining sector.

Consider researching HIVE

Bullish Signal

Sharonai Holdings Inc

New long · $18.1M · Other

A new, smaller position opened this quarter. Worth watching as an early-conviction bet — SA LP doesn't add many new names, so each addition carries weight.

Watch closely

Bullish Signal

T1 Energy Inc

New long · $43.9M · Energy / Power

New $44M stake in this power infrastructure company. Fits SA LP's thesis that energy infrastructure is critical for AI data centers — a theme reinforced by their Bloom Energy and Solaris holdings.

Consistent with energy/AI theme

Bullish — Existing Longs Significantly Increased

Strong Bullish Signal

CleanSpark Inc

Long +648% · 1.6M → 12.3M shares · $104M

The single most aggressive addition this quarter — shares increased nearly 8x. SA LP appears to have very high conviction that this Bitcoin miner is undervalued or positioned to outperform.

Very high conviction add

Strong Bullish Signal

Bitfarms Ltd

Long +188% · 6.9M → 19.9M shares · $38.8M

Nearly tripled their stake in this Canadian Bitcoin miner. Alongside CleanSpark and Riot, this shows a deliberate buildup of crypto mining exposure.

Aggressive accumulation

Strong Bullish Signal

Riot Platforms Inc

Long +87% · 6.2M → 11.5M shares · $142M

Riot is the largest US-listed Bitcoin miner. Adding 5.3M shares reinforces SA LP's crypto mining theme — investors bullish on Bitcoin may find Riot attractive.

Sector conviction play

Bullish Signal

Bitdeer Technologies

Long +92% · 1.8M → 3.4M shares · $29.8M

Doubled their stake in this crypto mining hardware and mining company. Part of the same broad miner buildup theme.

Accumulating

Bullish Signal

IREN Limited

Long +34% · 8.7M → 11.7M shares · $401M

Added 3M shares to one of their largest existing crypto miner positions. IREN is an AI and Bitcoin mining company — SA LP has $401M at stake here.

Adding to core position

Bullish Signal

Applied Digital Corp

Long +19% · 11.3M → 13.5M shares · $320M

Continued conviction in this AI data center infrastructure company. Applied Digital builds and operates data centers for AI workloads — SA LP has been a long-term holder and keeps adding.

Continued conviction

Bullish Signal

CoreWeave Inc

Long +18% · 6.1M → 7.2M shares · $556M

Despite dramatically cutting their call options on CoreWeave, they actually added to their direct long equity stake. This suggests continued fundamental conviction in CoreWeave's business even if they see less near-term upside.

Underlying conviction intact

Bullish — New Call Option Positions

Bullish Options Bet

SanDisk Corp

New Call · $389M notional · Semiconductors

SA LP opened a large new call position on SanDisk — a bet the stock will rise. SanDisk (recently spun off from Western Digital) is a flash storage company that could benefit from AI data storage demand. Note: they also hold $724M in direct long shares, making this a high-conviction bullish position overall.

Large bullish options bet

Volatility / Directionally Ambiguous

Micron Technology — Call

New Call · $422M notional · Semiconductors

SA LP opened calls worth $422M on Micron — a bullish bet on the memory chip maker. However, they simultaneously opened an even larger put ($584M) on Micron. This "straddle" strategy profits if Micron's stock makes a big move in either direction. Do not read the call alone as a bullish signal.

Straddle — direction uncertain

Volatility / Directionally Ambiguous

Taiwan Semiconductor (TSMC) — Call

New Call · $355M notional · Semiconductors

Similar to Micron — SA LP opened both a $355M call and a $535M put on TSMC simultaneously. This is a volatility strategy (likely a strangle), not a pure directional bet. They expect TSMC's stock to move significantly but are hedged both ways.

Straddle — direction uncertain

Bearish — New Put Option Positions (potential short bets)

Puts can be used to hedge existing longs, but where SA LP's long position in the same stock is tiny or zero, the put is effectively a directional short bet.

Strong Bearish Signal

VanEck Semiconductor ETF

New Put · $2.04B notional · Broad Semiconductor Sector

The single largest new position in the portfolio. This ETF tracks the entire semiconductor industry, so a $2B put is a broad bet that the whole semi sector will fall. If you hold any semiconductor stocks, this is a significant counter-signal from a sophisticated fund. Their direct long in this ETF is only $10M — negligible.

Broad semi sector short

Strong Bearish Signal

NVIDIA Corporation

New Put · $1.57B notional · Semiconductors

Despite NVIDIA's dominance in AI chips, SA LP placed a $1.57B bet that the stock will fall. Their long position in NVIDIA is only $498K — negligible — making this effectively a pure short. If you own NVIDIA, be aware a major fund is positioned against it.

Pure short bet on NVIDIA

Bearish Signal

Oracle Corp

New Put · $1.07B notional · Cloud / Software

A $1B+ bet against Oracle, the cloud database and infrastructure giant. SA LP holds no Oracle long position — this is a direct short. Oracle's stock had rallied significantly on AI cloud demand, which may be what SA LP believes is overdone.

Direct short on Oracle

Bearish Signal

Broadcom Inc

New Put · $1.01B notional · Semiconductors

Over $1B in puts on Broadcom, which makes AI networking chips and software. No offsetting long position. Broadcom has been a major AI beneficiary — SA LP appears to disagree with that valuation.

Direct short on Broadcom

Bearish Signal

AMD Inc

New Put · $969M notional · Semiconductors

Bearish on NVIDIA's main AI chip competitor. SA LP holds $20M in AMD shares but $969M in puts — the put is 48x larger, making this effectively a short position. AMD has been competing for AI accelerator market share.

Effectively a short on AMD

Bearish-Leaning / Volatility

Micron Technology — Put

New Put · $584M notional · Semiconductors

The put is slightly larger than the call ($422M), making this position marginally bearish-leaning, though it reads more as a volatility bet. Micron makes memory chips critical for AI — results could swing dramatically depending on AI demand and supply cycles.

Straddle — slight bearish lean

Bearish-Leaning / Volatility

Taiwan Semiconductor (TSMC) — Put

New Put · $535M notional · Semiconductors

The put is larger than the call ($355M), so this straddle is slightly bearish-leaning. TSMC manufactures chips for Apple, NVIDIA, AMD and most of the world. SA LP may be hedging geopolitical risk (Taiwan Strait) or betting on a near-term demand slowdown.

Straddle — possible geopolitical hedge

Bearish Signal

ASML Holding NV

New Put · $494M notional · Semiconductors

ASML makes the EUV lithography machines that are essential to produce advanced chips — effectively a semiconductor monopoly. SA LP holds $6M in ASML shares but $494M in puts. Bearish on the equipment side of semis, perhaps expecting an order slowdown.

Short on semi equipment

Bearish Signal

Intel Corp — Put

New Put · $159M notional (replacing $747M Call) · Semiconductors

SA LP's most dramatic reversal this quarter. See "Direction Changes" below for full context — this is part of a complete bullish-to-bearish flip on Intel.

Full directional reversal

Small Bearish Signal

Corning Inc

New Put · $21M notional · Semiconductors / Glass

A smaller put position on Corning, which makes optical fiber, specialty glass, and displays. Corning supplies fiber optic cables that are critical for AI data center networking — SA LP may be less optimistic on near-term demand.

Smaller bearish bet

Notable Direction Changes

Complete Directional Reversal

Intel Corp

Feb: $747M Call · May: $159M Put

In February, SA LP had a $747M bullish call position on Intel — a large bet the stock would rise. By May, they closed it entirely and opened a $159M put instead. This is a clear signal that their view on Intel has completely reversed from bullish to bearish. Intel has been struggling with manufacturing delays, competition from AMD and TSMC, and its foundry business. This is one of the most actionable signals in this filing.

Turned bearish on Intel — watch carefully

Significant Reduction

CoreWeave Inc — Calls

Call: 10.8M → 1.8M shares (–83%)

SA LP slashed their call options on CoreWeave by 83% — from $774M to $141M notional. However, they simultaneously added to their direct long equity stake (+18%). The interpretation: they still believe in CoreWeave long-term but removed the leveraged near-term upside bet. Less "this will pop soon," more "we believe in the business."

Reduced near-term upside bet

Trim / Reduced Conviction

Bloom Energy Corp — Long

Long: 10.1M → 6.5M shares (–36%)

Trimmed their Bloom Energy long by 36%, though they kept the same call options unchanged. Still their largest single position by value ($879M long). The trim may be profit-taking or risk reduction, not a full exit — call position staying put suggests they still see upside.

Partial trim, still large holder

Trim

Solaris Energy Infras

Long: 1.87M → 1.11M shares (–41%)

Cut their stake in this mobile power solutions company by 41%. Solaris provides mobile gas compression and power equipment used in oil fields and increasingly for data centers. The exit of EQT (natural gas) alongside this trim suggests some rotation away from traditional energy.

Reducing energy infra exposure

Positions Fully Exited — What SA LP Sold

When a sophisticated fund fully exits a position, it can be a negative signal for that stock — though it may also be profit-taking or portfolio rebalancing.

Full Exit

Lumentum Holdings

Sold $479M long position · Semiconductors / Photonics

The largest exit of the quarter. Lumentum makes laser components used in data center optical transceivers and 3D sensing. Exiting a nearly $500M stake is notable — investors holding Lumentum should take note.

Major exit — monitor closely

Full Exit

EQT Corp

Sold $133M long + $38M call · Natural Gas

Fully exited their natural gas position — both the shares and the call options. EQT is the largest US natural gas producer. The exit (alongside their remaining energy names) suggests SA LP is pivoting away from upstream fossil fuel energy.

Out of natural gas

Full Exit

Cipher Mining Inc

Sold $155M long · Crypto Mining

Interesting: SA LP sold out of Cipher Mining while aggressively buying every other Bitcoin miner. This may reflect company-specific concerns about Cipher (execution risk, cost structure, or management) rather than a sector view.

Company-specific concern likely

Full Exit

Coherent Corp

Sold $89M long · Optical / Photonics

Exited this optical components company that supplies data center transceivers and industrial lasers. Alongside the Lumentum exit, this suggests SA LP is stepping back from optical networking component plays.

Exiting optical networking theme

Full Exit

Tower Semiconductor

Sold $85M long · Semiconductors

Exited this Israeli specialty chip foundry. Tower was previously an Intel acquisition target (deal fell through). The exit may reflect reduced conviction in specialty foundry valuations or Intel-related concerns.

Specialty foundry exit

Full Exit

Kilroy Realty Corp

Sold $50M long · Real Estate (Data Centers)

Exited this data center and office REIT. Kilroy focuses on tech campuses on the West Coast. The exit may reflect concerns about office oversupply or a preference for direct data center operators over REIT wrappers.

Exited REIT exposure

Full Exit

Hut 8 Corp

Sold $40M long · Crypto Mining

Like Cipher Mining, Hut 8 was sold while other miners were increased. Hut 8 has been diversifying into AI compute, but SA LP appears to prefer more pure-play mining operators.

Preferred other miners

Full Exit

Liberty Energy Inc

Sold $10M long · Oilfield Services

Smaller position, fully exited. Liberty Energy provides hydraulic fracturing services. Part of the broader move away from upstream oil and gas exposure.

Exiting oilfield services

Big Picture Themes for Individual Investors

Macro Theme

Bitcoin Mining = Core Conviction

SA LP aggressively accumulated virtually every major Bitcoin miner: CleanSpark, Bitfarms, Riot, IREN, Bitdeer, Applied Digital, Core Scientific, Hive. The combined value of these longs is substantial. This is a clear thematic bet on Bitcoin price appreciation and/or mining economics. Individual investors bullish on Bitcoin may find these stocks worth researching.

Macro Theme

Semiconductors Are Overvalued (in SA LP's view)

The $8.5B+ in semiconductor put options is the defining move of the quarter. SA LP appears to believe the AI-driven semiconductor rally has gone too far. This is a contrarian call against the prevailing market narrative. Individual investors heavily exposed to semi stocks should be aware a major fund has taken significant positions against the sector.

Macro Theme

AI Infrastructure (Not Chips) Still Favored

Notably, while SA LP is bearish on semiconductor makers, they remain bullish on the companies that use chips to build AI infrastructure: CoreWeave ($556M long), Applied Digital ($320M long), Bloom Energy ($879M), and new energy plays. The thesis seems to be: the chip makers are overpriced, but the data center operators and power providers are still compelling.

Macro Theme

Optical Networking Reduced

Two large exits in the same quarter — Lumentum ($479M) and Coherent ($89M) — suggests SA LP is stepping back from the optical networking theme despite strong AI data center spending. This could signal concerns about margin pressure, competition, or slower-than-expected data center buildout timelines.

Position Type — May 18 (by 13F Value)

Sector Breakdown — May 18 (by 13F Value)

Top 15 Positions by Value — May 18

Long Equity — Feb 11 vs May 18 (positions ≥ $5M in either filing)

May 18, 2025 — Complete Holdings

Issuer	Type	Sector	Value	Shares	% Portfolio	vs Feb 11