Situational Awareness LP

Situational Awareness LPs March 2026 13F is the most dramatic AUM story in the coverage universe this filing cycle: the portfolio grew from $552 million at year-end 2025 to $13.77 billion at March 31 2026 -- a 2,396% increase in a single quarter driven by a combination of massive outside capital inflows, the doubling-and-tripling of semiconductor-and-data-center names already on the books, and extremely aggressive position construction in the VanEck Semiconductor ETF (SMH) at $2.05 billion, NVIDIA at $1.57 billion, Sandisk at $1.11 billion, Oracle at $1.07 billion, Micron at $1.01 billion, Broadcom at $1.01 billion, AMD at $989 million, Bloom Energy at $934 million, and Taiwan Semiconductor at $898 million. Nine positions each above $800 million; all nine in the semiconductor, AI, or data-center stack. The portfolios whaleScore of 80.00 reflects a $13.8B fund with its largest position (SMH) at 15% and six more positions at 6-11% each. The Q1 behavior was in one sense entirely about continued doubling-down: Sandisk added 66% in shares deploying $863 million in new capital -- by far the largest named addition -- reflecting highest conviction in the NAND-flash and storage-technology cycle. CleanSpark (bitcoin mining) was up 648% in shares deploying $88 million. Riot Platforms up 86% in shares. IREN up 34% in shares (add $72M). Applied Digital up 19% in shares. Bitfarms up 188% in shares. Bitdeer up 92%. These crypto-mining adds — while small in absolute-dollar terms relative to SMH/NVDA — reflect continued thematic conviction in proof-of-work mining as an AI-data-center adjacent use case. CoreWeave declined 47% in shares (reduced from $1.21B to $697M) as the fund took deliberate partial profits after a multi-hundred-percent run; Intel was reduced 81% as the position that had been the prior periods largest ($747M) was unwound aggressively; Lumentum, Cipher Mining, Coherent, Tower Semiconductor, Hut 8, Kilroy, and Liberty Energy were all sold out. The 12-new-position-including-all-mega-cap-names data pattern tells you this was not an organic portfolio growth story — it was a major new fund launch or major mandate conversion where the new capital was deployed entirely into the AI-and-semiconductor infrastructure layer. SMH is the portfolios biggest single position and reflects a deliberate decision to own semiconductor exposure through a single-ETF wrapper rather than through individual names (NVDA, AMD, AVGO, TSM, MU, INTC, AMAT, LRCX, KLAC, ASML) that the prior period held in scattered form. The addition of NVIDIA directly as a named position ($1.57B) alongside SMH $(2.05B) represents a fundamental-and-ETF overlap that increases the portfolios single-sector concentration but also provides stock-specific alpha capture on the worlds largest AI-chip company. The sector breakdown — Technology 72%, ETF 15%, Unknown 10.5%, Financial Services 2.1%, Basic Materials 0.2%, Energy 0.1% — is the most technology-concentrated portfolio in the coverage universe at this AUM scale and reflects a thesis that is exclusively an AI-cap-ex-and-data-center buildout theme. The dramatic growth from $552M to $13.8B is either a single large LP commitment or a mandate conversion from a prior technology fund; the size and speed make it one of the more significant institutional capital formations in recent technology-investment history.