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CNBC AI · 2026/7/31 20:19:03

How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days
AI 中文解读
年仅20多岁的AI明星研究员利奥波特·阿申布伦纳,从OpenAI离职后创办了自己的AI对冲基金,曾一度管理450亿美元的巨额资产。然而随着半导体股票暴跌,他因高达400倍的杠杆遭遇连环爆仓,基金资产在几天内蒸发了近八成,最终被迫将手中包括SK海力士和CoreWeave在内的所有持仓,低价甩卖给了城堡投资。这不仅是个人财富的过山车,更给火热的AI投资敲响了警钟。
所谓400倍杠杆,就是借入远超本金资金去炒股,好比拿100元本金做4万元的买卖,行情涨时收益惊人,可一旦下跌,追加保证金压力会瞬间压垮资金链。这次爆仓表面看是芯片股波动所致,实则暴露出AI领域资金赌性过强的问题。对普通人而言,这提醒我们AI虽前景广阔,但相关投资风险极高,需警惕泡沫化炒作。同时,这场危机也警示,若AI基础设施建设过度依赖高杠杆资金,一旦崩塌,未来AI产品服务的价格和普及速度都可能受到波及。
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FinanceHow Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in daysPublished Fri, Jul 31 202610:44 AM EDTUpdated Fri, Jul 31 20264:19 PM EDTHugh Son@hugh_sonWATCH LIVEKey PointsFormer OpenAI researcher Leopold Aschenbrenner’s AI hedge fund, Situational Awareness, collapsed from $45 billion to around $10 billion in assets on falling semiconductor stocks and mounting margin calls.Driven by reported leverage of up to 400%, the 20-something manager was forced to sell off all his leveraged public stock bets — including hard-hit names like SK Hynix and CoreWeave — to Ken Griffin's Citadel at a discount.The crash marks a dramatic turn for Aschenbrenner, who launched the fund after gaining Silicon Valley fame with his 2024 AI manifesto, drawing scrutiny from critics over his lack of money management experience and his past ties to FTX.In this articleSKHYFollow your favorite stocksCREATE FREE ACCOUNTLeopold AschenbrennerPhoto: Josh EdelsonTwo years ago, Leopold Aschenbrenner argued he was one of few people in the world who saw the future clearly.In a sprawling, 165-page essay that became required reading in Silicon Valley, the former OpenAI researcher positioned himself as a kind of prophet for the coming age of artificial super intelligence.But this week, the limits of Aschenbrenner's vision were on display when the AI-themed hedge fund he runs — named Situational Awareness, also the title of his viral June 2024 manifesto — ran into the harsh reality of tumbling semiconductor stocks and Wall Street margin calls.At its peak earlier this month, his fund sat atop $45 billion in assets. By Thursday, however, after being forced to offload all of his leveraged stock bets — including hard-hit names like SK Hynix and CoreWeave — to Ken Griffin's Citadel at a disco
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