An AI believer but betting against the chip trade? Former OpenAI researcher Leopold Aschenbrenner’s fund revealed a striking mix of positions in its Q1 2026 filing. While adding exposure to names like SanDisk and CoreWeave, the fund also disclosed put positions tied to major semiconductor names including NVIDIA, AMD, Broadcom and TSMC. The positioning highlights an interesting divide: staying exposed to the broader AI infrastructure theme while taking a more cautious view on parts of the semiconductor trade.