VanEck Semiconductor ETF (SMH): Leopold Aschenbrenner Is Bearish on Chip Stocks

VanEck Semiconductor ETF (NASDAQ:SMH) is simply a caller summation to the 13F portfolio of Situational Awareness LP. The money declared a caller involvement successful the institution successful filings for the archetypal 4th of 2026. This involvement consists of PUT bets worthy implicit 5.3 cardinal shares. Previously, Leopold Aschenbrenner had bought a involvement successful this ETF backmost successful the 2nd 4th of 2025. This presumption consisted of much than 2 cardinal shares and was sold disconnected by the adjacent quarter. The bearish stake against the spot assemblage represents adjacent to 15% of the 13F portfolio of the hedge money tally by AI adept Leopold Aschenbrenner. This is not an isolated stake but portion of a larger adjacent to $8 cardinal presumption against the spot assemblage that comprises implicit 60% of 13F portfolio of the fund.

This monolithic stake against VanEck Semiconductor ETF (NASDAQ:SMH) represents a continuation of an concern strategy championed by Leopold Aschenbrenner that focuses connected companies providing the picks and shovels for this AI revolution. In layman terms, alternatively of betting connected the golden itself, similar AI bundle oregon spot firms, Aschenbrenner is betting connected the companies that supply the picks and shovels for golden digging, similar powerfulness companies and repositioned Bitcoin miners providing AI compute. In his June 2024 effort titled SITUATIONAL AWARENESS: The Decade Ahead, Aschenbrenner had predicted that, “As AI gross grows rapidly, galore trillions of dollars volition spell into GPU, datacenter, and powerfulness buildout earlier the extremity of the decade. The concern mobilization, including increasing US energy accumulation by 10s of percent, volition beryllium intense”.

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