By Daragh Thomas
Publication Date: 2026-05-18 15:13:00
Other puts cover ASML, Taiwan Semi, Intel and Infosys.
Combined, the notional value of these puts makes up over 60% of the fund’s total reported 13F value.
The Bull Who Stopped Believing In Chips
Aschenbrenner is the former OpenAI Superalignment researcher whose 165-page “Situational Awareness” essay argued AGI was closer than the market thought and turned him into an investor in the space.
His fund quickly swelled past $1.5 billion in 2025 and grew its disclosed equity book to $5.5 billion by February 2026 on the back of that thesis. Now he has used it to short the company that made him famous.
The filing seems to imply Aschenbrenner thinks the AI trade is moving downstream from the chipmakers to the power and capacity layer that feeds them.
Prediction Markets Are Still Long Nvidia
Retail traders on Polymarket are not pricing the same risk.
Nvidia sits at 65% to finish 2026 as the world’s largest company by market cap, and the “AI bubble burst by end of 2026” contract
