Traders think Leopold Aschenbrenner just bet $96M on AI options

AI researcher and investor Leopold Aschenbrenner is suspected of being behind the purchase of $96 million worth of SanDisk, Micron, Intel, and Marvell call options.

Aschenbrenner runs hedge fund Situational Awareness, most famous for losing billions of dollars during a sudden downturn in AI stock prices. It was a wipeout the Financial Times ranked as the largest in hedge fund history.

JPMorgan Chase subsequently terminated its lending relationship with the fund.

Although SEC filings haven’t yet disclosed the name of the buyer, Jim Cramer posted today, “If I didn’t know any better I would say Leopold is back!”

ZeroHedge agreed.

Options provide financial leverage by design, and their short time to maturity makes these contracts even more volatile. All these options expire on October 2.

Situational Awareness previously ran on leverage as high as 400%, growing from $225 million at launch in 2024 and soaring past $45 billion in July before liquidating assets in a fire sale to Ken Griffin’s Citadel.

ZeroHedge listed four particularly bullish prints of October 2 expiry calls:

• $44 million worth of Micron $1,000 per share strikes
• $41 million worth of SanDisk $1,600 per share calls
• $11 million worth of calls on Intel and Marvell

The theory that Aschenbrenner is behind these trades rests on pattern-matching, not definitive proof. Predictions are, after all, one the most popular activities on X.

How ‘back’ is Leopold Aschenbrenner?

First of all, it is true that Aschenbrenner has returned to buying options on AI stocks this month, generally speaking.

He’s previously proven his ability to raise hundreds of millions of dollars for his hedge fund, so the size of his portfolio could easily be sufficient to take on these positions.

Second, he’s fond of the AI industry and short-term financial leverage, so the trades certainly match his profile.

Third, SanDisk and Micron in particular were Aschenbrenner’s two largest positions in his fund’s latest regulatory disclosure, so two matching tickers provides further pattern-matching.

CNBC reported on September 11 that Situational Awareness was also buying options this month, so options are certainly another clue.

After Situational Awareness lost billions of dollars and lost a JPMorgan relationship in July, the fund told investors it would rebuild. It mentioned potentially less risky products like FLEX options.

So far, if Aschenbrenner is actually the person behind these trades, his portfolio is probably doing well this week.

Over the last five trading days, SanDisk is up 6%, Intel is up 3%, Micron is up 2%, and Marvell is up 1%. Although these gains are modest, leveraged products like options trade idiosyncratically, often amplifying losses and gains dramatically.

Situational Awareness’s SEC Form 13F for the third quarter of 2026 is due in mid-November, which might be the next time the public learns about Aschenbrenner’s precise stock picks.

Until then, social media commentators are happy to name the man behind the tape and imagine his day-to-day profitability.