AI investor Leopold Aschenbrenner’s $45 billion hedge fund, Situational Awareness, was hit hard after concentrating in chip-related stocks. At the end of June, the fund held a $5.7 billion stake in SanDisk and $5.6 billion in Micron, together accounting for more than half of its US equity portfolio. In July, SanDisk sank 47% and Micron fell 29%, contributing to an estimated 67% one-month drop in the fund’s net asset value.