x.com/allTheYud/status/2086497584542253222
1 correction found
"Situational Awareness" is allegedly investing $500M to... break the ASML chip-manufacturing bottleneck?!
The public SEC filing does not show a $500M investment into ASML or chip-manufacturing capacity. It shows a roughly $494.1M **put option** position on ASML, plus only about $6.1M of ASML shares.
Full reasoning
Situational Awareness LP's official Q1 2026 Form 13F does not show a ~$500 million long investment in ASML. The filing has two separate ASML entries:
ASML HLDG NV N Y REGISTRYwithvalue494,122,503 andputCallPut.- A much smaller ASML common-share line with
value6,119,405 and noputCallfield.
Under the SEC's own Form 13F guidance, the PUT/CALL field is how an option position is identified on the filing, and for options the form lists the underlying security while indicating whether the position is a PUT or CALL. The SEC also says Form 13F reports the fair market value of the securities listed as of quarter-end.
So the ~$500M figure in the filing is not a $500M capital investment to expand ASML's manufacturing capacity or "break the bottleneck". It is mostly the reported value of an ASML put-option position tied to ASML stock. The only direct ASML shareholding shown in the filing is about $6.1 million.
2 sources
- Situational Awareness LP Q1 2026 Form 13F Information Table (SEC)
<nameOfIssuer>ASML HLDG NV N Y REGISTRY</nameOfIssuer> ... <value>494122503</value> ... <putCall>Put</putCall> ... [separate ASML line] <value>6119405</value>
- Frequently Asked Questions About Form 13F (SEC)
Question 44: "For options, you will also enter either PUT or CALL... Column 5 is where you actually indicate that the listing is an option because most of the column entries for an option refer to the underlying security." Question 8: Form 13F filings must include "the fair market value of the securities listed, as of the end of the calendar quarter."