This chart now looks like a snapshot taken just before everything changed.
Situational Awareness, the AI-focused hedge fund run by former OpenAI researcher Leopold Aschenbrenner, reported a $20.2B U.S. equity portfolio at the end of Q2, up 48% quarter over quarter.
The concentration was extreme. Sandisk $閃迪(SNDK)$ and Micron Technology $美光科技(MU)$ alone represented 55.5% of the disclosed book, with Bloom Energy, TSMC and Nebius adding another sizeable chunk. Reported leverage had reached as high as 4x.
Then July happened: a sharp reversal across several of those positions triggered severe margin pressure, forcing Situational Awareness to unwind its public-equity portfolio after reportedly losing around 67% in a single month.
Much of that liquidated book was ultimately acquired by Citadel at a discount.
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