Nebius Surges After AI Hedge Fund Reveals Stake
Shares of Nebius Group jumped sharply Thursday after CNBC reported that the AI-focused hedge fund Situational Awareness had disclosed a major position in the Dutch cloud-computing firm.
Who Is Behind Situational Awareness
The fund was launched by Leopold Aschenbrenner, a Germany-born former researcher at OpenAI. Despite having no prior professional money-management experience, Aschenbrenner pivoted to investing after publishing a widely circulated 165-page essay on artificial intelligence last year. That document made him one of Silicon Valley’s most-watched AI commentators almost overnight. His San Francisco-based firm now manages roughly $4 billion in reported investments as of late March. Aschenbrenner, who is in his 20s, has described the firm as an AI-focused brain trust. Backers include Stripe co-founders Patrick and John Collison, along with Daniel Gross and Nat Friedman, both recently enlisted by Mark Zuckerberg to support Meta’s AI push.
The Nebius Position and What It Signals
A regulatory filing published Wednesday showed Situational Awareness holds 12.4 million Class A shares of Nebius. That represents a 5.6% stake and makes Nebius the fund’s single largest public equity position. Other notable holdings include CoreWeave and Bloom Energy, two companies directly tied to the infrastructure buildout required to run large-scale AI models. The portfolio reflects a clear thesis — bet on the picks-and-shovels layer powering AI adoption.
Background: Building a Position in the AI Stack
The strategy is not purely long. Situational Awareness also disclosed sizable put-option positions against Nvidia, Broadcom, Advanced Micro Devices and Oracle, plus a bearish wager against the VanEck Semiconductor ETF. Aschenbrenner has communicated to investors that the fund shorts sectors likely to be disrupted by AI adoption. The firm also holds a private stake in Anthropic, the AI safety startup. It is worth noting that 13F filings capture a single point in time. The March snapshot may not reflect current positions, particularly given the volatility AI-linked equities have seen in recent months.
Market Reaction and What Comes Next
Nebius shares moved higher Thursday as retail and institutional investors digested the filing. The stock has been a popular vehicle for investors seeking exposure to European AI infrastructure. Whether Aschenbrenner’s endorsement sustains momentum or simply triggered a short-term pop remains to be seen. Situational Awareness has not publicly commented on the disclosure beyond the regulatory paperwork. Markets will be watching the fund’s next quarterly filing closely for any changes in its hedged AI playbook.
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