SALP filed its 2026-Q1 (Jan-Mar) 13F today, signed by CCO Christopher Zellner on the 2026-05-15 deadline. Refer to the original post for fund history, structure, ownership, prior quarters, and find this blog’s tldr here.
Headline
- Public 13F value:
- $13,676,657,577 across 42 line items
- 2.48x the prior quarter and the largest QoQ jump since 2025-Q1.
- Instrument mix:
- 2025-Q4: 70.9% common / 28.9% calls / 0.2% puts.
- 2026-Q1: 28.2% common / 10.0% calls / 61.9% puts.
- Option overlay (calls + puts) alone is $9.82bn, which is larger than the entire 2025-Q4 13F.
- Top 10 issuer concentration: 82.9%.
The put book
Seven of the top ten lines are puts. Disclosed long puts, by value of underlying:
- VanEck Semiconductor ETF (SMH): $2.04bn (single largest disclosed line)
- Nvidia: $1.57bn
- Oracle: $1.07bn
- Broadcom: $1.01bn
- AMD: $969m
- Micron: $584m
- TSM: $535m
- ASML: $494m
- Intel: $159m
- Corning: $21m
- Infosys: $7m
The Intel flip
The 20,237,400-share Intel call that anchored the public book for four straight quarters is gone, replaced inside one quarter by a 3,605,400-share Intel put worth $159.1m and a token 202,344-share common stake.
Long-side changes
- Bloom Energy common: shares cut from 10.1m to 6.5m; value flat at $878.7m on a higher mark.
- Sandisk common: 1.14m shares worth $724.4m (mark roughly tripled), plus a new $388.8m call (611,900 shares), this is the only top-tier semi name disclosed purely long.
- CoreWeave common up from 6.1m to 7.2m shares ($556.1m); the CoreWeave call cut from 10.8m to 1.8m shares ($140.6m).
- IREN +34% to 11.7m shares ($401.0m); Applied Digital +19% to 13.5m ($320.0m).
- Miners loaded up: Riot roughly doubled to 11.5m shares ($142.2m); CleanSpark 1.6m → 12.3m ($104.5m); Bitfarms roughly tripled to 19.9m ($38.8m); Bitdeer up to 3.4m ($29.8m).
- Core Scientific common cut from 28,756,478 to 26,008,473 shares ($389.1m); no 13D/A is on file for the change.
- Solaris Energy Infrastructure cut to 1.1m shares ($62.5m).
- Held flat in shares (mark moves only): Babcock & Wilcox (1,353,900), Power Solutions International (432,300), ProPetro (910,300), WhiteFiber (1,757,600).
New issuers (vs. 2025-Q4)
- AMD: put + small common
- ASML: put + token common
- Broadcom: put (last seen 2025-Q3)
- Corning: put + token common
- HIVE Digital
- Oracle: put
- SharonAI
- T1 Energy: a 10,000,000-share line at $43.9m
Full exits (vs. 2025-Q4)
- Lumentum: $478.6m
- Cipher Mining: $154.5m
- EQT: $133.0m common + $37.5m call
- Coherent: $88.6m
- Tower Semiconductor: $84.9m
- Kilroy: $49.6m
- Hut 8: $39.5m
- Liberty Energy: $10.5m
Full holdings
| Holding | Instrument | Value | Shares |
|---|---|---|---|
| VANECK ETF TRUST | Put option | $2,042.7m | 5,327,900 |
| NVIDIA CORPORATION | Put option | $1,568.3m | 8,992,300 |
| ORACLE CORP | Put option | $1,072.9m | 7,293,000 |
| BROADCOM INC | Put option | $1,006.2m | 3,251,100 |
| ADVANCED MICRO DEVICES INC | Put option | $969.2m | 4,764,100 |
| BLOOM ENERGY CORP | Common/equity | $878.7m | 6,485,408 |
| SANDISK CORP | Common/equity | $724.4m | 1,140,119 |
| MICRON TECHNOLOGY INC | Put option | $583.7m | 1,727,700 |
| COREWEAVE INC | Common/equity | $556.1m | 7,177,919 |
| TAIWAN SEMICONDUCTOR MFG LTD | Put option | $535.1m | 1,583,400 |
| ASML HLDG NV N Y REGISTRY | Put option | $494.1m | 374,100 |
| MICRON TECHNOLOGY INC | Call option | $422.3m | 1,250,000 |
| IREN LIMITED | Common/equity | $401.0m | 11,698,835 |
| CORE SCIENTIFIC INC NEW | Common/equity | $389.1m | 26,008,473 |
| SANDISK CORP | Call option | $388.8m | 611,900 |
| TAIWAN SEMICONDUCTOR MFG LTD | Call option | $354.8m | 1,050,000 |
| APPLIED DIGITAL CORP | Common/equity | $320.0m | 13,478,438 |
| INTEL CORP | Put option | $159.1m | 3,605,400 |
| RIOT PLATFORMS INC | Common/equity | $142.2m | 11,502,137 |
| COREWEAVE INC | Call option | $140.6m | 1,814,500 |
| CLEANSPARK INC | Common/equity | $104.5m | 12,276,139 |
| SOLARIS ENERGY INFRAS INC | Common/equity | $62.5m | 1,105,551 |
| BLOOM ENERGY CORP | Call option | $55.3m | 408,500 |
| T1 ENERGY INC | Common/equity | $43.9m | 10,000,000 |
| BITFARMS LTD | Common/equity | $38.8m | 19,875,840 |
| BITDEER TECHNOLOGIES GROUP | Common/equity | $29.8m | 3,439,450 |
| POWER SOLUTIONS INTL INC | Common/equity | $26.3m | 432,300 |
| CORNING INC | Put option | $21.0m | 154,600 |
| WHITEFIBER INC | Common/equity | $20.9m | 1,757,600 |
| ADVANCED MICRO DEVICES INC | Common/equity | $20.2m | 99,138 |
| BABCOCK & WILCOX ENTERPRISES | Common/equity | $19.9m | 1,353,900 |
| SHARONAI HOLDINGS INC | Common/equity | $18.1m | 796,108 |
| PROPETRO HLDG CORP | Common/equity | $13.1m | 910,300 |
| VANECK ETF TRUST | Common/equity | $10.3m | 26,950 |
| INTEL CORP | Common/equity | $8.9m | 202,344 |
| TAIWAN SEMICONDUCTOR MFG LTD | Common/equity | $7.6m | 22,423 |
| INFOSYS LTD | Put option | $6.8m | 500,000 |
| HIVE DIGITAL TECHNOLOGIES LT | Common/equity | $6.4m | 3,391,547 |
| ASML HLDG NV N Y REGISTRY | Common/equity | $6.1m | 4,633 |
| MICRON TECHNOLOGY INC | Common/equity | $5.9m | 17,362 |
| CORNING INC | Common/equity | $0.7m | 5,283 |
| NVIDIA CORPORATION | Common/equity | $0.5m | 2,855 |
Read
13F shows only the long side of option positions and discloses nothing about offsetting structures, swaps, borrows, or paired private longs, so the put book is not, on its face, a directional short call. What it is, unambiguously, is disclosed exposure that pays off if the AI-semi complex draws down, layered on long power (Bloom), hosting (CoreWeave, Core Scientific, IREN, Applied Digital), miners (Riot, CleanSpark, Bitfarms, Bitdeer), and storage (Sandisk).