According to CoinMeta, as reported by A in early 2021, the fund under Leopold Aschenbrenner made significant portfolio adjustments at the end of the second quarter of 2026. Its holdings in Micron increased from $5.86 million to $5.574 billion, while its holdings in Sandisk increased from $724 million to $5.674 billion. By the end of the second quarter, Micron and Sandisk together accounted for about 55% of its publicly traded stock portfolio. The fund significantly reduced its short-term option hedging, shifting the portfolio's risk towards a bullish bias on AI. Highly correlated positions were also under pressure, and a simple sector pullback could potentially evolve into a liquidity crisis.