SEC Investigates AI Hedge Fund Situational Awareness Over Near-Collapse
Nashnova编辑部
The SEC has subpoenaed major Wall Street banks over last month's near-collapse of AI hedge fund Situational Awareness — putting high-leverage AI investment strategies squarely under regulatory scrutiny.
What happened to this fund?
Situational Awareness was founded by former OpenAI researcher Leopold Aschenbrenner. In roughly two years it grew to over $30 billion in assets — and borrowed tens of billions more on top.
The bet was straightforward: go long AI stocks, short legacy tech. As long as AI kept rising and old tech kept falling, the fund printed money.
Last month the trade reversed. AI names dropped while legacy tech rallied — losses hit from both sides. The fund was forced into a fire sale, offloading most of its portfolio at a discount to rival Citadel.
What is the SEC looking for?
Three people briefed on the matter told the *New York Times* that subpoenas demand detailed records of the fund's trading timeline and communications between the fund and its lenders about borrowing.
This means → regulators care less about *how much* was lost and more about how the leverage was obtained and how information flowed during the unwind.
Bank of America, Citigroup, Goldman Sachs, and JPMorgan — all key counterparties — declined to comment.
How far along is the investigation?
The probe is still in its earliest stages. The fund has not been accused of any wrongdoing.
A fund spokesperson said: "Regulators closely watch high-profile, high-return, or sharply drawn-down funds. This is expected. We will fully cooperate."
In plain terms = being subpoenaed is not the same as being charged — but the subpoenas signal that the SEC now treats highly leveraged AI strategies as a risk category worth serious examination.
Does the fund have any card left to play?
Situational Awareness still holds equity in Anthropic, the AI company planning to go public at a valuation of up to $2 trillion.
A notable detail: Aschenbrenner's wife serves as chief of staff to Anthropic CEO Dario Amodei.
This means → whether the Anthropic stake can be monetized may be the fund's last lifeline — but the connection also draws even sharper attention to the fund's ties to AI's innermost circle.
Content is for reference only, not financial advice.