AI Fund Situational Awareness Returns With $315M Options Bet on AMD, SK Hynix, CoreWeave

The AI-focused hedge fund Situational Awareness has returned to the market with a massive $315 million options bet on AMD, SK Hynix, and CoreWeave, signaling renewed confidence in the AI infrastructure trade despite recent volatility. The fund, which gained prominence for its prescient bets on Nvidia and other AI winners, disclosed the positions on September 13, 2026. AMD, SK Hynix, and CoreWeave all fell on the day—AMD -1.63%, SKHY -2.55%, and CRWV -1.69%—but the options activity suggests that the fund is positioning for a rebound. Situational Awareness's bet is notable because it targets three distinct layers of the AI stack: AMD designs the GPUs and CPUs that power AI workloads, SK Hynix manufactures the high-bandwidth memory (HBM) that feeds those chips, and CoreWeave provides the cloud infrastructure that rents out GPU capacity to AI developers. By betting on all three, the fund is expressing a bullish view on the entire AI infrastructure supply chain, rather than picking a single winner. The options structure—likely a combination of calls and puts—suggests that the fund is positioning for significant upside over the next several months, potentially anticipating new product launches, earnings beats, or contract wins. The timing is interesting: AI stocks have pulled back recently on concerns about overcapacity, rising interest rates, and regulatory scrutiny, but the fund's return suggests that it views the sell-off as a buying opportunity. For content creators, this is a story about the smart money's view on AI and the growing sophistication of AI-focused hedge funds that are willing to make large, concentrated bets on the infrastructure layer of the AI revolution.
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