Leopold Aschenbrenner's fund, Situational Awareness LP, has made a significant move by purchasing $137 billion in AI hardware put options, according to its latest 13F filing. The fund's notional value has surged to $13.7 billion as of March 31, 2026, marking a 148% increase from the previous quarter. This strategic shift includes a substantial hedge against the AI semiconductor sector, with major positions in put options for companies like NVIDIA and Broadcom. The fund's portfolio adjustments reveal a dual strategy: hedging against short-term volatility in AI hardware while investing heavily in long-term infrastructure. Notably, Situational Awareness LP increased its holdings in CoreWeave and SanDisk, reflecting confidence in AI cloud services and power infrastructure. The fund also exited positions in Intel call options and optical communication stocks, indicating a strategic realignment towards sectors poised for future growth in AI infrastructure.