Leopold-Linked September Call Spreads Carried About $315 Million in Premiums

Leopold’s Situational Awareness may have little residual time value left in its September call spreads after the pullback in AI stocks, if the positions remain unchanged.

Bullish call spreads tied to AMD, Bloom Energy, CoreWeave, SK Hynix, SanDisk and a DRAM exchange-traded fund carried about $315 million in premiums. With the contracts assumed to expire in January 2027, about two months remained; if holdings were unchanged, estimated remaining time value could fall well short of premiums paid. The near-zero scenario refers to estimated remaining time value, not a confirmed realized loss.

Serenity, another trader associated with AI-stock bets, posted a screenshot showing a personal-account loss of about $13.58 million in one trading period through Oct. 22. Shares of six AI-linked stocks — LITE, AAOI, MRVL, SIVE, COHR and NVDA — fell 10% to 22% from late October to early November.

A call spread pairs a purchased call option at one strike with a sold call at a higher strike. The structure caps the loss at the premium paid, but the options’ remaining time value can erode as expiration approaches.