Situational Awareness LP | Kian Kyars
Kian Kyars
Situational Awareness LP
May 18, 2026<br>SALP filed its 2026-Q1 (Jan-Mar) 13F today, 2026-05-18 , signed by CCO Christopher Zellner on the 2026-05-15 deadline. Refer to the original post for fund history, structure, ownership, prior quarters, and find this blog’s tldr here..
Headline
Public 13F value:
$13,676,657,577 across 42 line items
2.48x the prior quarter and the largest QoQ jump since 2025-Q1.
Instrument mix flips from 70.9% common / 28.9% calls / 0.2% puts at 2025-Q4 to 28.2% common / 10.0% calls / 61.9% puts at 2026-Q1.
Option overlay (calls + puts) alone is $9.82bn , which is larger than the entire 2025-Q4 13F.
Top 10 issuer concentration: 82.9%.
The put book
Seven of the top ten lines are puts: Nvidia ($1.57bn underlying), Oracle ($1.07bn), Broadcom ($1.01bn), AMD ($969m), Micron ($584m), TSM ($535m), ASML ($494m), Intel ($159m), Corning ($21m), Infosys ($7m) . The VanEck Semiconductor ETF (SMH) put is back at $2.04bn , the single largest disclosed line.
The Intel flip
The 20,237,400-share Intel call that anchored the public book for four straight quarters is gone, replaced inside one quarter by a 3,605,400-share Intel put worth $159.1m and a token 202,344-share common stake.
Long-side changes
Bloom Energy common: shares cut from 10.1m to 6.5m; value flat at $878.7m on a higher mark.
Sandisk common: 1.14m shares worth $724.4m (mark roughly tripled), plus a new $388.8m call (611,900 shares), this is the only top-tier semi name disclosed purely long.
CoreWeave common up from 6.1m to 7.2m shares ($556.1m ); the CoreWeave call cut from 10.8m to 1.8m shares ($140.6m ).
IREN +34% to 11.7m shares ($401.0m ); Applied Digital +19% to 13.5m ($320.0m ).
Miners loaded up: Riot roughly doubled to 11.5m shares ($142.2m ); CleanSpark 1.6m → 12.3m ($104.5m ); Bitfarms roughly tripled to 19.9m ($38.8m ); Bitdeer up to 3.4m ($29.8m ).
Core Scientific common cut from 28,756,478 to 26,008,473 shares ($389.1m ); no 13D/A is on file for the change.
Solaris Energy Infrastructure cut to 1.1m shares ($62.5m ).
Held flat in shares (mark moves only): Babcock & Wilcox (1,353,900), Power Solutions International (432,300), ProPetro (910,300), WhiteFiber (1,757,600).
New issuers (vs. 2025-Q4)
AMD — put + small common
ASML — put + token common
Broadcom — put (last seen 2025-Q3)
Corning — put + token common
HIVE Digital
Oracle — put
SharonAI
T1 Energy — a 10,000,000-share line at $43.9m
Full exits (vs. 2025-Q4)
Lumentum — $478.6m
Cipher Mining — $154.5m
EQT — $133.0m common + $37.5m call
Coherent — $88.6m
Tower Semiconductor — $84.9m
Kilroy — $49.6m
Hut 8 — $39.5m
Liberty Energy — $10.5m
Full holdings
Holding<br>Instrument<br>Value<br>Shares
VANECK ETF TRUST<br>Put option<br>$2,042.7m<br>5,327,900
NVIDIA CORPORATION<br>Put option<br>$1,568.3m<br>8,992,300
ORACLE CORP<br>Put option<br>$1,072.9m<br>7,293,000
BROADCOM INC<br>Put option<br>$1,006.2m<br>3,251,100
ADVANCED MICRO DEVICES INC<br>Put option<br>$969.2m<br>4,764,100
BLOOM ENERGY CORP<br>Common/equity<br>$878.7m<br>6,485,408
SANDISK CORP<br>Common/equity<br>$724.4m<br>1,140,119
MICRON TECHNOLOGY INC<br>Put option<br>$583.7m<br>1,727,700
COREWEAVE INC<br>Common/equity<br>$556.1m<br>7,177,919
TAIWAN SEMICONDUCTOR MFG LTD<br>Put option<br>$535.1m<br>1,583,400
ASML HLDG NV N Y REGISTRY<br>Put option<br>$494.1m<br>374,100
MICRON TECHNOLOGY INC<br>Call option<br>$422.3m<br>1,250,000
IREN LIMITED<br>Common/equity<br>$401.0m<br>11,698,835
CORE SCIENTIFIC INC NEW<br>Common/equity<br>$389.1m<br>26,008,473
SANDISK CORP<br>Call option<br>$388.8m<br>611,900
TAIWAN SEMICONDUCTOR MFG LTD<br>Call option<br>$354.8m<br>1,050,000
APPLIED DIGITAL CORP<br>Common/equity<br>$320.0m<br>13,478,438
INTEL CORP<br>Put option<br>$159.1m<br>3,605,400
RIOT PLATFORMS INC<br>Common/equity<br>$142.2m<br>11,502,137
COREWEAVE INC<br>Call option<br>$140.6m<br>1,814,500
CLEANSPARK INC<br>Common/equity<br>$104.5m<br>12,276,139
SOLARIS ENERGY INFRAS INC<br>Common/equity<br>$62.5m<br>1,105,551
BLOOM ENERGY CORP<br>Call option<br>$55.3m<br>408,500
T1 ENERGY INC<br>Common/equity<br>$43.9m<br>10,000,000
BITFARMS LTD<br>Common/equity<br>$38.8m<br>19,875,840
BITDEER TECHNOLOGIES GROUP<br>Common/equity<br>$29.8m<br>3,439,450
POWER SOLUTIONS INTL INC<br>Common/equity<br>$26.3m<br>432,300
CORNING INC<br>Put option<br>$21.0m<br>154,600
WHITEFIBER INC<br>Common/equity<br>$20.9m<br>1,757,600
ADVANCED MICRO DEVICES INC<br>Common/equity<br>$20.2m<br>99,138
BABCOCK & WILCOX ENTERPRISES<br>Common/equity<br>$19.9m<br>1,353,900
SHARONAI HOLDINGS INC<br>Common/equity<br>$18.1m<br>796,108
PROPETRO HLDG CORP<br>Common/equity<br>$13.1m<br>910,300
VANECK ETF TRUST<br>Common/equity<br>$10.3m<br>26,950
INTEL CORP<br>Common/equity<br>$8.9m<br>202,344
TAIWAN SEMICONDUCTOR MFG LTD<br>Common/equity<br>$7.6m<br>22,423
INFOSYS LTD<br>Put option<br>$6.8m<br>500,000
HIVE DIGITAL TECHNOLOGIES LT<br>Common/equity<br>$6.4m<br>3,391,547
ASML HLDG NV N Y REGISTRY<br>Common/equity<br>$6.1m<br>4,633
MICRON TECHNOLOGY INC<br>Common/equity<br>$5.9m<br>17,362
CORNING INC<br>Common/equity<br>$0.7m<br>5,283
NVIDIA CORPORATION<br>Common/equity<br>$0.5m<br>2,855
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13F shows only the long side of option positions and discloses nothing about offsetting structures, swaps, borrows, or paired private longs,...