Section 03  ·  The Hedge Switch
He was hedged. Then he wasn’t.
Put options as a percentage of the reported 13F book, quarter by quarter.
27% 21% 0.2% 62% 0%
Q1 2026
$8.46B in put options against NVDA, AVGO, AMD, MU, TSM, ASML, ORCL and INTC — 62% of the book betting against the AI trade he was long.
July 2026
The semiconductor index falls 28.6%. The fund is down 67%.
Nothing is hedged.
The hedges came off the quarter before.
BOARDROOM WIRE
SEC Form 13F  ·  Primary Source
Situational Awareness LP  ·  CIK 0002045724  ·  seven filings, Q4 2024 – Q2 2026 (filed Aug 14, 2026)
@BoardroomWire
R replay · ?final still