CNBC reported that Situational Awareness, an AI-focused hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, sold its entire public stock portfolio to another hedge fund before the market opened on Thursday. The buyer was not identified. The fund also sold a large stake in Anthropic, according to the report.
Situational Awareness manages about $20 billion to $24 billion and had posted a 439% net return through the end of June, making it one of the best-performing hedge funds this year. People familiar with the matter said the liquidation followed steep losses in recent weeks.
The fund had long positions in AI infrastructure and semiconductor names including SK Hynix, NVIDIA, Micron and CoreWeave, most of which were down more than 35% this month. Its short positions in software stocks such as Adobe also moved sharply against it. A 13F filing dated March 31 showed that about 62% of its $13.68 billion portfolio consisted of put options tied to semiconductor and technology stocks. Bank of America, Goldman Sachs and JPMorgan are said to be helping the fund meet margin calls or reduce positions in an orderly way, while Aschenbrenner has sought fresh capital from existing investors and lenders.
According to CNBC, Situational Awareness, an AI-focused hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, sold its entire public equity portfolio to another hedge fund before the market opened on Thursday. The buyer was not disclosed. The fund also sold a large stake in Anthropic.
The report said the fund manages roughly $20 billion to $24 billion. Through the end of June, it had delivered a 439% net return, placing it among the best-performing hedge funds this year.
People familiar with the matter said the liquidation came after heavy losses over the past few weeks. Situational Awareness had been long SK Hynix, NVIDIA, Micron and CoreWeave, all tied to AI infrastructure and semiconductors. Most of those positions have fallen more than 35% this month. Its short bets against software names including Adobe also moved sharply the wrong way.
A 13F filing submitted as of March 31 showed that around 62% of the fund's $13.68 billion holdings were put options betting on declines in semiconductor and technology stocks.
Bank of America, Goldman Sachs and JPMorgan, which serve as prime brokers, are helping the fund meet margin requirements or unwind positions in an orderly manner, according to the report. Aschenbrenner has also sought fresh capital from existing investors and lenders.
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