Traders are speculating that AI researcher and investor Leopold Aschenbrenner may be behind about $96 million in call options tied to SanDisk, Micron, Intel, and Marvell, according to Protos. The report makes clear that current Securities and Exchange Commission filings have not identified the buyer, so the claim is still based on market speculation rather than confirmed disclosure.
Four October 2 call option trades drew attention
Protos, citing ZeroHedge, said four notably bullish option prints all carry an October 2 expiry. They include:
- $44 million worth of Micron call options with a $1,000-per-share strike price;
- $41 million worth of SanDisk call options with a $1,600-per-share strike price;
- $11 million worth of call options on Intel and Marvell.
The report notes that options are leveraged by design, and short-dated contracts can make price swings even more severe.
No buyer has been named in SEC filings
Although SEC filings have not disclosed the buyer’s identity, Jim Cramer wrote on social media, 「If I didn’t know any better I would say Leopold is back!」 ZeroHedge agreed, according to Protos. The article says the case for Aschenbrenner rests on pattern-matching, not definitive proof.
Protos also notes that guessing who is behind a trade is a common activity on X.
Situational Awareness had a history of leveraged AI bets
Aschenbrenner runs hedge fund Situational Awareness. Protos says the fund is best known for losing billions of dollars during a sudden drop in AI stock prices, a wipeout that the Financial Times ranked as the largest in hedge fund history. JPMorgan Chase later terminated its lending relationship with the fund.
According to the report, Situational Awareness launched in 2024 with $225 million, used leverage as high as 400%, and grew past $45 billion in July before liquidating assets in a fire sale to Ken Griffin’s Citadel.
Why traders linked the options to Aschenbrenner
Protos lays out several reasons why market participants have connected the trades to him.
First, it says Aschenbrenner has returned to buying options on AI stocks this month in general. Second, he has previously shown that he can raise hundreds of millions of dollars for his hedge fund, which means his portfolio size could plausibly support positions of this scale. Third, he is known for favoring the AI sector and short-term financial leverage, making the trades look consistent with his profile.
The report adds that SanDisk and Micron were the two largest positions in the fund’s latest regulatory disclosure. CNBC also reported on September 11 that Situational Awareness was buying options this month, which Protos describes as another clue.
The fund had told investors it would rebuild
After losing billions of dollars in July and losing its JPMorgan relationship, Situational Awareness told investors it would rebuild, Protos said. The fund also mentioned potentially less risky products such as FLEX options.
Protos adds that if Aschenbrenner is in fact behind these trades, his portfolio is probably doing well this week.
The underlying stocks were up over the last five sessions
Over the last five trading days, SanDisk rose 6%, Intel gained 3%, Micron added 2%, and Marvell climbed 1%, according to the report. Protos says those moves are modest on their own, but leveraged products such as options can magnify both gains and losses sharply.
Next public disclosure may come in mid-November
Protos says Situational Awareness’s SEC Form 13F for the third quarter of 2026 is due in mid-November. That filing may be the next point at which the public gets a clearer view of Aschenbrenner’s exact stock picks. Until then, social media commentators are continuing to name the trader they believe is behind the tape and speculate about his day-to-day profitability.