JPMorgan Cuts Off Funding to AI Guru Leopold's Hedge Fund

On September 13, JPMorgan has cut off funding to the hedge fund Situational Awareness, owned by the "AI guru" Leopold. Sources revealed that JPMorgan notified the fund to terminate the lending relationship after disclosing losses. Other Wall Street banks such as Goldman Sachs, Citigroup, and Bank of America are still providing brokerage services to the fund, which recently established a partnership with boutique brokerage Clear Street. After a significant loss, Leopold admitted that the fund is nearing "unacceptable permanent capital impairment" and stated that he would reduce leverage while continuing to bet on AI fundamentals. The fund has started buying call options on AMD, Bloom Energy, CoreWeave, SK Hynix, and SanDisk over the past two weeks in an attempt to re-enter the market.

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