Overview
- Situational Awareness, whose Q1 13F was accepted Monday, disclosed equity exposure of $13.67 billion, more than doubling from about $5.5 billion at the end of 2025.
- The fund reported roughly $7.46 billion in put options against chip‑linked names, led by Nvidia and the VanEck Semiconductor ETF, with sizable positions also targeting Broadcom and Oracle.
- Top long positions center on companies that control grid connections and sites for data centers, including IREN, Core Scientific, Riot Platforms, CleanSpark, Bitfarms, Bitdeer, Hive Digital, Bloom Energy, SanDisk, and CoreWeave.
- Bernstein’s research portrays miners as power gatekeepers in the AI buildout, estimating control of more than 27 gigawatts of planned capacity and counting about $90 billion in AI hosting partnerships.
- Recent moves highlight both promise and execution risk, with Core Scientific planning a 1.5 GW AI campus at Pecos and IREN announcing a multi‑gigawatt Nvidia deal as retrofits, permits, and long grid interconnection queues could slow delivery.