Leo Sold
Happy Thursday.
The current thing in tech and business is Situational Awareness selling all its public stocks.
Today’s Lineup
- Investor & businessman Martin Shkreli at 11:15 AM
- Extropic Founder & CEO Gill Verdon at 12:00 PM
- Rostra Founder Lulu Meservey at 12:20 PM
- Cendana Capital Founder Michael Kim at 12:50 PM
- Similie Co-Founder Joon Sung Park at 1:05 PM
- K2 Space Co-Founder & CEO Karan Kunjur at 1:15 PM
- Robinhood Co-Founder & CEO Vlad Tenev at 1:30 PM
Run of Show
Leo Sold
Leopold Aschenbrenner’s hedge fund, Situational Awareness, has been forced to unwind its public stock portfolio after steep losses on its AI infrastructure bets, CNBC reported Thursday. Prime brokers reportedly rushed to raise cash to meet margin requirements, while Ken Griffin’s Citadel reached a deal to purchase the fund’s publicly traded assets. The fund had built concentrated positions in AI infrastructure companies including Nebius, SanDisk, Micron, and CoreWeave, while also betting against software companies such as Adobe. Those trades unraveled as AI infrastructure stocks plunged in recent weeks before rebounding sharply today.
Also relevant here — and what a bunch of people are pointing out on X — is the fact that on Tuesday it was reported that Citadel expected a surprise rate hike from the Fed meeting that took place yesterday, which did coincide with more selloff in the market. Yesterday, the Fed left the rate unchanged, and today, many of the stocks in Leopold’s portfolio are up double digits.
Aschenbrenner, a former OpenAI researcher, rose to prominence after publishing his 2024 essay series Situational Awareness, which argued that rapid AI progress would require an enormous buildout of chips, memory, power, and compute infrastructure. That thesis became the foundation of his investment strategy after launching the fund. He is also engaged to Anthropic CEO Dario Amodei’s chief of staff.
The news is coming in hot and fast on this story. Here’s a timeline of the most…
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