25-year-old hedge fund manager who lost $35 billion in a month eyes fresh capital after AI stock selloff

Leopold Aschenbrenner’s AI-focused hedge fund, Situational Awareness, lost around $35 billion in weeks after leveraged bets on AI stocks turned sour. Despite the sharp losses, the 25-year-old fund manager is seeking fresh capital from existing backers. The episode highlights the risks of concentrated portfolios, heavy leverage and conviction-driven investing.