AI 投資狂潮在 7 月迎來劇烈震盪後，華爾街最受矚目的「救火交易」現有最新進展。
Citadel 創辦人 Ken Griffin 表示，公司接手前 OpenAI 研究員 Leopold Aschenbrenner 旗下 Situational Awareness 的投資組合後，短短約三週內，已經卸除原始投資組合超過 80% 的整體風險。
根據 CNBC 取得的 Griffin 致投資人信函，Citadel 為處理這批部位，完成近 100 筆、總市值超過 40 億美元的大宗交易（block trades），甚至在 10 檔不同證券上完成今年截至目前規模最大的單日大宗交易。
Situational Awareness 從半年暴賺 439% 到一個月暴跌 67%。
Situational Awareness 由前 OpenAI 研究員 Leopold Aschenbrenner 創立，核心投資邏輯高度集中於 AI 基礎設施與相關供應鏈。
This strategy created amazing returns when AI theme rose steadily. Situational Awareness posted about 439% return rate in the first half of the year, but high concentration and high leverage also exposed the fund to massive single-theme risk.
As of late June, Situational Awareness alone held SanDisk and Micron Technology (美光) accounting for about 56% of the portfolio. Additional holdings include Bloom Energy, TSMC (台積電) and Nebius.
The problem is that when AI trading suddenly reversed in July, leverage began producing completely opposite effects.
SanDisk fell about 43% that month, Micron dropped 24%, and Bloom Energy and Nebius also saw sharp corrections. Situational Awareness’s portfolio plummeted about 67% in July, forcing it to liquidate most public-market stock positions.
At the moment Situational Awareness urgently needed to reduce leverage and free up capital, Ken Griffin stepped in.
In late July, Citadel took over most of Situational Awareness’s public stock investments.
Notably, the approximately $16 billion mentioned earlier represents the size of Situational Awareness’s public stock portfolio at the time, not the actual cash Citadel paid to acquire all assets.
Situational Awareness was forced to rapidly de-risk after the market’s sharp decline, and Citadel was precisely at this point accepting part of the portfolio.
More importantly, Citadel did not simply go long on AI and hold stocks long-term.
Griffin revealed in his latest investor letter that after taking over the portfolio, Citadel reduced more than 80% of the original overall risk in just about three weeks.
To achieve this, Citadel executed nearly 100 trades totaling over $40 billion, including 10 securities that accounted for the largest single-day block trades of the year.
In other words, Citadel seized a large amount of assets when another fund faced liquidity pressure, then used its own balance sheet, trading network, and market liquidity to quickly dismantle risk.
Cryptocurrency investing carries high risk, prices may fluctuate dramatically, you might lose your entire principal. Please carefully assess risks.
“AI 神童”卷土重来？Situational Awareness 再投資未上市股權
Leopold Aschenbrenner 傳出售大部分持股給 Citadel 後，核心持股反彈超過 20%
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