The SAL Liquidation Watchlist: What Citadel May Be Liquidating
July 31, 2026 · Reference Table. Brought to you by SignalDeck.live.
AI-infrastructure growth stocks are giving back some of their earlier gains. One possible explanation is forced selling connected to Citadel’s takeover of a leveraged portfolio—not a sudden deterioration in the companies’ underlying fundamentals. That remains a hypothesis, however, because the fund’s current positions and Citadel’s plans for them are not public.
Yesterday, Citadel reportedly took control of the leveraged public-equity portfolio of an AI-focused hedge fund managing roughly $45 billion after the fund faced a margin call. The watchlist below includes every company publicly linked to the fund. Positions are labeled either Official, based on SEC filings, or Unofficial, based on other public reporting. The purpose is to identify stocks that could face selling pressure if Citadel unwinds the portfolio into this week’s rally—not to claim that any particular position is currently being sold.
Long shares, 28 positions
Actual shares, the ones that would hit the tape if this book gets sold:
BE 0.00%↑ Bloom Energy, $878.7M (Official)
SNDK 0.00%↑ SanDisk, $724.4M (Official)
CRWV 0.00%↑ CoreWeave, $556.1M (Official)
IREN 0.00%↑ IREN Limited, $401.0M (Official)
CORZ 0.00%↑ Core Scientific, $389.1M (Official)
APLD 0.00%↑ Applied Digital, $320.0M (Official)
RIOT 0.00%↑ Riot Platforms, $142.2M (Official)
CLSK 0.00%↑ CleanSpark, $104.5M (Official)
SEI 0.00%↑ Solaris Energy Infrastructure, $62.5M (Official)
TE 0.00%↑ T1 Energy, $43.9M (Official)
BITF 0.00%↑ Bitfarms, $38.8M (Official)
BTDR 0.00%↑ Bitdeer Technologies, $29.8M (Official)
PSIX 0.00%↑ Power Solutions Intl, $26.3M (Official)
WYFI 0.00%↑ WhiteFiber, $20.9M (Official)
AMD 0.00%↑ Advanced Micro Devices, $20.2M (Official)
BW 0.00%↑ Babcock & Wilcox, $19.9M (Official)
SHAZ 0.00%↑ SharonAI Holdings, $18.1M (Official)
PUMP 0.00%↑ ProPetro Holding, $13.1M (Official)
SMH 0.00%↑ VanEck Semiconductor ETF, $10.3M (Official)
INTC 0.00%↑ Intel, $8.9M (Official)
TSM 0.00%↑ Taiwan Semiconductor, $7.6M (Official)
HIVE 0.00%↑ HIVE Digital Technologies, $6.4M (Official)
ASML 0.00%↑ ASML Holding, $6.1M (Official)
MU 0.00%↑ Micron Technology, $5.9M (Official)
GLW 0.00%↑ Corning, $0.7M (Official)
NVDA 0.00%↑ Nvidia, $0.5M (Official)
SKHY 0.00%↑ SK Hynix, size unknown (Unofficial; Nasdaq ADR, listed ~July 10th, 1 ADR = 1/10 Korean share)
NBIS 0.00%↑ Nebius Group, size unknown (Unofficial)
Top-heavy: Bloom Energy, SanDisk, and CoreWeave are more than half the total. Much of the rest is the crypto-miner-turned-AI-datacenter trade (IREN, Core Scientific, Applied Digital, Riot, CleanSpark, Bitfarms, Bitdeer, HIVE). The mega-cap names, Nvidia, Micron, Intel, were barely there.
Long calls, 5 positions, bullish (Official)
MU 0.00%↑ Micron, $422.3M notional
TSM 0.00%↑ Taiwan Semiconductor, $354.8M notional
SNDK 0.00%↑ SanDisk, $388.8M notional
CRWV 0.00%↑ CoreWeave, $140.6M notional
BE 0.00%↑ Bloom Energy, $55.3M notional
Micron and Taiwan Semiconductor also carry large puts below, more a volatility bet than a directional call.
Long puts, 11 positions, $8.46 billion notional, bearish (Official)
Notional values are the reference-share value, not premium paid.
SMH 0.00%↑ VanEck Semiconductor ETF, $2,042.7M notional (also owned as shares, tiny: $10.3M)
NVDA 0.00%↑ Nvidia, $1,568.3M notional (also owned as shares, tiny: $0.5M)
ORCL 0.00%↑ Oracle, $1,072.9M notional (no shares owned)
AVGO 0.00%↑ Broadcom, $1,006.2M notional (no shares owned)
AMD 0.00%↑ Advanced Micro Devices, $969.2M notional (also owned as shares: $20.2M)
MU 0.00%↑ Micron, $583.7M notional (also owned as shares, tiny: $5.9M)
TSM 0.00%↑ Taiwan Semiconductor, $535.1M notional (also owned as shares, tiny: $7.6M)
ASML 0.00%↑ ASML Holding, $494.1M notional (also owned as shares, tiny: $6.1M)
INTC 0.00%↑ Intel, $159.1M notional (also owned as shares, tiny: $8.9M)
GLW 0.00%↑ Corning, $21.0M notional (also owned as shares, tiny: $0.7M)
INFY 0.00%↑ Infosys, $6.8M notional (no shares owned)
Oracle, Broadcom, and Infosys had no offsetting shares, pure bearish bets. The fund’s overall shape: long small-cap AI infrastructure, short the mega-cap semiconductor complex.
16 more companies, Official, from earlier quarters
Pulled all six SAL 13Fs on file (Q1 2025 through Q1 2026) and diffed them. These appear in an earlier filing but not the March 31st one. That only proves they weren’t in the book on that date, nothing confirms whether they were touched again before July, since no filing covers that gap.
EQT Corp, held all four 2025 quarters, gone by Q1 2026
Cipher Mining, last seen Q4 2025
Coherent Corp, last seen Q4 2025
Hut 8 Corp, last seen Q4 2025
Lumentum Holdings, last seen Q4 2025
Tower Semiconductor, last seen Q4 2025
Kilroy Realty, only Q4 2025
Liberty Energy, only Q4 2025
Vistra Corp, last seen Q3 2025
Galaxy Digital, last seen Q3 2025
Seagate Technology, last seen Q3 2025
Western Digital, last seen Q3 2025
Constellation Energy, last seen Q2 2025
Modine Manufacturing, only Q1 2025
Onto Innovation, only Q1 2025
Talen Energy, only Q1 2025
One wrinkle: Broadcom held actual shares through Q3 2025, vanished in Q4 2025, then came back in Q1 2026 as a put only, no shares. The position didn’t just shrink, it flipped character.
Note: The official holdings come from the fund’s latest available SEC filing and reflect positions as of March 31; no newer filing is available. SK Hynix and Nebius Group are classified as unofficial because neither appears in an SEC filing and both were identified through public internet sources. All listed options were owned by the fund rather than written or sold short. A purchased put is bearish exposure, but closing it does not place shares directly onto the market in the same way that liquidating a stock position does.
Bottom line
26 official stock positions, $3.86 billion, plus 2 unofficial ones (SK Hynix, Nebius), are what’s most exposed if this book gets sold into strength.
$8.46 billion notional in puts, mostly against mega-cap chip and cloud names; three (Oracle, Broadcom, Infosys) with no offsetting stock.
Data is four months old. Treat this as the best available starting point, not a complete or current picture.
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