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A single-sector AI fund carries a structural condition baked into its architecture: when sentiment in the only sector you hold reverses, there is nowhere to rotate.
Situational Awareness, the AI-focused hedge fund built by former OpenAI researcher Leopold Aschenbrenner, had grown to $45 billion before a dramatic decline this week stripped most of that value in days.
How the fund was built Aschenbrenner's transition from AI researcher to hedge fund manager was a bet on informational edge.
His previous role at OpenAI placed him at one of the most consequential AI development environments of the current cycle. The fund, named Situational Awareness, was built around that vantage point.
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