- AI hedge fund manager Leopold Aschenbrenner is suspected of purchasing $96 million in call options on AI-related stocks.
- The options target SanDisk, Micron, Intel, and Marvell, all expiring on October 2, with some strikes priced over $1,000.
- This comes after Aschenbrenner’s previous fund, Situational Awareness, lost billions in July, marking the largest hedge fund wipeout in history.
Speculation is mounting that AI researcher and investor Leopold Aschenbrenner is behind a fresh $96 million bet on AI stocks, just months after his hedge fund’s historic collapse. Situational Awareness, which previously lost billions during a sudden market downturn, appears to be re-entering the options market with high-risk trades on SanDisk, Micron, Intel, and Marvell, according to suspicions raised by ZeroHedge.
However, the timing is notable, as JPMorgan Chase terminated its lending relationship with the fund in September. The options, which expire on October 2, include $44 million in Micron calls with $1,000 strike prices and $41 million in SanDisk calls at $1,600 strikes. These contracts provide extreme financial leverage, amplifying both potential gains and losses dramatically.
The theory rests on pattern-matching rather than proof, though “If I didn’t know any better I would say Leopold is back!” posted Jim Cramer today. ZeroHedge agreed with the assessment, noting the similarities to Aschenbrenner’s previous trading style. His fund previously ran on leverage as high as 400%, growing from $225 million to over $45 billion before liquidating assets to Citadel.
Meanwhile, the underlying stocks have shown modest gains this week, with SanDisk up 6%, Intel up 3%, and Micron up 2%. The latest SEC filings show SanDisk and Micron were his two largest positions, further fueling the speculation. The public will likely have to wait until mid-November for concrete confirmation when third-quarter disclosure filings are due.
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