Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action,

news, and analysis.

Good afternoon.

Today is Tuesday, May 19th, and I'm your host, Kim Khan.

Our top story so far, a hedge fund launched by former Open AI researcher Leopold Aschenbrenner

has placed sizable bearish bets against

NVIDIA and other leading AI chip stocks.

Ashenbrenner, who previously worked on OpenAI's alignment team and gained attention

for his 2024 paper on AI risks, launched the Situational Awareness Fund earlier this year.

Business Insider first reported that the fund's latest 13F disclosed roughly

$1.56 billion in put options on Nvidia and more than $2 billion in bearish positions tied to the

Vanek's semiconductor ETF, ticker SMH. The filing also showed large put positions against

Broadcom, Oracle, Advanced Microdivices, Taiwan Semiconductor, ASML, and Intel.

The positioning comes as Bank of America's May Fund Manager survey shows long global

semiconductors as the most crowded trade, cited by 73% of respondents. A sharp jump from the 24%

in April, Long Magnificent 7 ranked a distant second at 14%. And if you're rethinking concentration risk in the AI trade or simply looking to diversify

income exposure, it's your last chance to register for the Best Income Ideas Online Summit

happening Wednesday, May 20th. It's hosted by George Noble, a legend from his days of fidelity,

in collaboration with Seeking Alpha, and features

Michael Howell, Jay Mintsmeier, Luke Groman, Stephen Kress, and others sharing their top

income ideas for the market. The summit is $99, and you can register through the link in show notes.

Also in the B of a survey, money managers are piling into stocks while slashing cash levels

...