Leopold Aschenbrenner’s AI-focused hedge fund, Situational Awareness, saw a rapid unwinding of positions after leveraged bets on AI names and a large private stake in Anthropic triggered margin pressures, according to reports. The 24-year-old manager sold portions of his public portfolio—some to Ken Griffin’s Citadel—and told investors he would tighten risk controls, leaving the firm with more than $10 billion under management after peaking near $45 billion. Backed by prominent tech investors and propelled by a widely read AGI thesis, Aschenbrenner’s swift rise was matched by a sudden reversal that coincided with his California wedding plans. The episode underscores how concentrated, debt-fueled exposure to AI assets can amplify volatility during market drawdowns.
Related articles:
Archegos Capital Management
Melvin Capital
Long-Term Capital Management
Anthropic (company)
Citadel LLC
