Aschenbrenner suspected behind $96M AI options bet

Leopold Aschenbrenner may be the buyer behind $96 million in call options on SanDisk, Micron, Intel and Marvell, according to ZeroHedge.

Aschenbrenner runs Situational Awareness, a hedge fund that lost billions when AI stocks suddenly fell. The Financial Times ranked that loss as the largest in hedge fund history.

JPMorgan Chase later ended its lending relationship with the fund.

SEC filings have not named the buyer, but Jim Cramer posted, “If I didn’t know any better I would say Leopold is back!”

ZeroHedge concurred.

Options are inherently leveraged, and the short time to maturity amplifies volatility. These contracts all expire on October 2.

Earlier, Situational Awareness operated with up to 400% leverage. It grew from $225 million at its 2024 launch to over $45 billion by July, then sold assets quickly to Citadel.

ZeroHedge highlighted four large bullish option trades expiring October 2:

• $44 million in Micron calls with a $1,000 strike price
• $41 million in SanDisk calls with a $1,600 strike
• $11 million in calls on Intel and Marvell

Former FTX member Leopold Aschenbrenner’s $20B AI fund blew up.

The idea that Aschenbrenner placed these trades is based on pattern-matching, not hard evidence. Predictions are one of the most common activities on X.

To what extent is Leopold Aschenbrenner back?

For one, Aschenbrenner has indeed been buying AI stock options again this month.

He has shown he can raise hundreds of millions for his fund, so his portfolio size could support these trades.

Second, he favors AI stocks and short-term leverage, making the trades consistent with his style.

Third, SanDisk and Micron were his two biggest holdings in the latest SEC filing, which adds to the pattern.

On September 11, CNBC said Situational Awareness was buying options this month, another clue.

After its losses and losing JPMorgan as a lender in July, the fund told investors it would rebuild. It mentioned less risky products such as FLEX options.

If Aschenbrenner is indeed behind these trades, his portfolio is likely in good shape this week.

In the past five sessions, SanDisk gained 6%, Intel 3%, Micron 2%, and Marvell 1%. Though these gains are small, options are leveraged and can dramatically multiply moves.

The fund's Q3 2026 13F filing is due in mid-November, which could be the next chance to see Aschenbrenner's exact holdings.

In the meantime, social media users are content to speculate about the person behind the trades and his daily profits.