Leopold Aschenbrenner’s Q1 2026 13F filing reveals a massive pivot toward put options on major semiconductor assets, including Nvidia, SMH VanEck Semiconductor ETF, Oracle, Broadcom, AMD, Micron, Taiwan Semiconductor, ASML, and Intel. Despite these bearish bets, he maintains long positions and call options in infrastructure and memory names such as Bloom Energy, SanDisk, CoreWeave, IREN, and Core Scientific. The author characterizes these new short positions as "notional hedges" against his existing long-term thesis on AI power and data center growth.