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AI-focused hedge fund Situational Awareness, founded by ex-OpenAI researcher Leopold Aschenbrenner, invests $400M in chip startup Source Foundry, bringing its total investment to $500M. The fund recently sold most of its public portfolio after steep losses.
The article opens with a trading scene about liquidity and clearing trades, then focuses on Leopold Aschenbrenner's Situational Awareness LP fund's concentrated bets on AI hardware and chip stocks, noting recent market volatility.
At 24, Leopold Aschenbrenner managed a fund of about $20 billion. Its net value surged 439% in the first half of the year, but plunged 67% in July, and he eventually sold most of the stock portfolio to Citadel. His experience is seen as a microcosm of AI frenzy and leverage risk.
A fund that bet on AI and returned 439% in the first half of the year lost 67% in July and was forced to sell most of its portfolio to Citadel, illustrating the risk that even correct long-term AI bets can fail due to leverage and timing.
According to people familiar with the matter, Situational Awareness, an AI-focused hedge fund, has sold most of its stock portfolio to Citadel after heavy losses. The fund was founded by former OpenAI employee Aschenbrenner, who was once dubbed the 'AI prophet.'
AI hedge fund Situational Awareness, founded by former OpenAI researcher Leopold Aschenbrenner, sold most of its public stock portfolio to Citadel after steep losses, but retains its Anthropic shares.
Leopold Aschenbrenner's AI-focused hedge fund Situational Awareness suffered massive losses on AI stocks, selling its entire portfolio to Citadel and losing $35 billion in value.
Suhail recommends a book on hedge fund trading behavior, while Grok reports that fund Situational Awareness sold its public stock book after heavy losses on AI infrastructure names and short positions, with Citadel buying the bulk.
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