Situational Awareness LP (Leopold)

Situational Awareness in its first full year of filings shows a dramatic thesis broadening: book size more than doubled to $13.7B (from $5.5B) and the prior CoreWeave + Bloom Energy + Intel concentration was diluted with a wholesale entry into the broad AI-hardware names — SMH ETF (15%), NVDA (11.5%), ORCL (7.8%), MU (7.4%), AVGO (7.4%), AMD (7.2%), TSMC (6.6%), ASML (3.7%). Top-3 weight crashed from 52% to 35%. Cuts: CoreWeave -47% (still 5.1%), Intel -81%, Bloom Energy -34%, Lumentum / EQT / Cipher / Coherent / Tower all fully exited. Reads as Leopold rotating from speculative AI-compute names into the established semis + foundry + lithography stack.

• + NEW
  VANECK ETF TRUST SMH

  Brand-new 15% position in the semiconductor ETF — the biggest single allocation in the book. A broad AI-hardware bet rather than picking winners.

• + NEW
  NVIDIA CORPORATION NVDA

  Re-entered at 11.5% after being fully exited last quarter — the round-trip suggests the prior exit was tactical, not thesis change.

• + NEW
  ORACLE CORP ORCL

  New 7.8% — interestingly Coatue is fully exiting Oracle in the same quarter; Leopold is taking the other side.

• + NEW
  MICRON TECHNOLOGY INC MU

  New 7.4% — memory exposure to ride the AI-datacenter demand.

• + NEW
  BROADCOM INC AVGO

  Re-entered at 7.4% after being exited last quarter — also the round-trip pattern.

• ▼ REDUCED
  COREWEAVE INC CRWV

  Cut -47% from prior 22% weight — the signature CoreWeave concentrated bet diluted as the book broadened.

• ▼ REDUCED
  INTEL CORP INTC

  Cut -81% even at +94% unrealized — taking massive profit and walking away from the contrarian Intel bet.

• ◐ CONCENTRATION

  Top-3 weight collapsed 52% → 35% — a deliberate diversification step as the book grew.