Leopold Aschenbrenner's Situational Awareness Fund Trades AI Options
Situational Awareness is buying options in AMD, Bloom Energy, and CoreWeave, sources told CNBC.
Leopold Aschenbrenner's hedge fund Situational Awareness has been actively purchasing options positions in a cluster of technology and energy stocks, including Advanced Micro Devices, Bloom Energy, and CoreWeave, according to sources who spoke with CNBC's David Faber. The moves signal that the fund is putting capital to work across companies tied to artificial intelligence infrastructure and power generation.
Situational Awareness, founded by Aschenbrenner — a former OpenAI researcher known for his influential writings on AI progress — has drawn significant attention from investors and industry watchers alike since its launch. The fund's reported bets span semiconductors through AMD, clean energy via Bloom Energy, and AI cloud computing through CoreWeave, suggesting a broad thesis centered on the physical and computational backbone required to scale artificial intelligence.
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Options activity can indicate a fund's directional conviction without requiring immediate full capital commitment, allowing traders to gain leveraged exposure to anticipated price moves. The specific nature of the options positions — whether calls, puts, or more complex structures — was not disclosed by sources, leaving the precise directional bet unclear at this stage.
The reported trades come as Wall Street increasingly focuses on companies positioned to benefit from surging AI demand, with data center buildout, chip supply, and electricity generation emerging as central investment themes. CoreWeave in particular has been a closely watched name following its high-profile market debut, while AMD continues to compete with Nvidia in the AI accelerator space.
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