OpenAI前研究员、对冲基金经理利奥波德·阿申布伦纳管理的态势感知基金在短短三周内遭遇巨幅缩水[1]。该基金资产规模从450亿美元急剧下滑至100亿美元，缩水超过七成[1]。7月30日，基金被迫以超过10%的折价将全部公开市场持仓出售给对冲基金Citadel[1]。阿申布伦纳随后发出致歉信承认失败，并表示放弃了此前的投资理念[1]。
这场危机的诱发因素源于市场风向的突然转变。7月27日，韩国KOSPI指数暴跌10.8%，美光、闪迪等芯片股领跌，而态势感知基金恰好集中投资于AI硬件相关股票，并采用了3至4倍的金融杠杆[1]。在这样的放大效应下，基金迅速遭遇追保危机。7月当月基金亏损高达67%[1]。
尽管面临这场爆仓风波，该基金仍保留了持有的Anthropic股份，估值约50亿美元，约占清仓后剩余规模的一半[1]。在此之前，基金曾在今年上半年扣费后实现439%的净回报，成立至今累计涨幅逾1000%，但最终仍未能逃脱此番劫难[1]。
Leopold Aschenbrenner, an OpenAI former researcher and hedge fund manager, saw his Situational Awareness Fund collapse dramatically in late July, with assets plummeting from $45 billion to $10 billion in just three weeks [1]. The fund, which had delivered net returns of 439% in the first half of the year after fees, deployed 3-4 times financial leverage while concentrating investments heavily in AI hardware-related stocks [1]. When market conditions shifted—triggered in part by a 10.8% crash in South Korea's KOSPI index on July 27 and steep declines in chip stocks like Micron and SanDisk—the fund faced margin calls [1].
On July 30, Aschenbrenner was forced to liquidate the fund's entire public market holdings to Citadel at a discount exceeding 10% [1]. The fund recorded a 67% loss for the month, though it maintained positive year-to-date returns of 80% [1]. In a subsequent apology letter, Aschenbrenner acknowledged failure and abandoned his previous investment thesis [1]. The fund still retains holdings in Anthropic valued at approximately $5 billion, representing roughly half of its remaining $10 billion in assets [1].
