Traders suspect $96 million AI options bet belongs to Leopold Aschenbrenner
AI investor linked to $96M options purchases
AI researcher and investor Leopold Aschenbrenner is suspected of being behind the purchase of $96 million worth of call options on SanDisk, Micron, Intel, and Marvell, according to a report by Protos. The trades involve options that expire on October 2.
However, the identity of the buyer has not been confirmed. SEC filings have not yet disclosed the name, and the theory is based on pattern-matching rather than proof.
Key details from the report
- The options are call options on AI-related stocks: Micron, SanDisk, Intel, and Marvell.
- The total value is $96 million.
- All options expire on October 2.
- The largest purchases are $44 million in Micron $1,000 per share strikes and $41 million in SanDisk $1,600 per share calls.
- $11 million was spent on calls on Intel and Marvell.
What the speculators say
Jim Cramer posted on social media, "If I didn't know any better I would say Leopold is back!" ZeroHedge also agreed with the speculation. These are opinions, not confirmed facts.
Why the suspicion points to Aschenbrenner
Aschenbrenner runs the hedge fund Situational Awareness, which was previously known for losing billions during a sudden downturn in AI stocks. The fund has returned to buying options this month, according to a CNBC report from September 11.
SanDisk and Micron were Aschenbrenner's two largest positions in his fund's latest regulatory disclosure, and his fund has used high leverage in the past. However, none of this proves he is the buyer.
What is confirmed
It is confirmed that $96 million in call options on these stocks were purchased, and they expire on October 2. It is also confirmed that Aschenbrenner's fund is active in options this month, but the buyer of this specific purchase is not confirmed.
What is still unclear
The identity of the buyer is not confirmed. The suspicion is based on patterns, not proof.
Why this matters
Options provide financial leverage, and the short time to maturity makes these contracts volatile. If the buyer is indeed Aschenbrenner, his portfolio may be doing well this week, as the stocks have risen recently. Over the last five trading days, SanDisk is up 6%, Intel is up 3%, Micron is up 2%, and Marvell is up 1%.
What happens next
The next opportunity for the public to learn about Aschenbrenner's precise stock picks is his fund's SEC Form 13F for the third quarter of 2026, due in mid-November.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.