AI hedge fund Situational Awareness may have sold its public portfolio, but it still has its Anthropic shares

Situational Awareness, the AI-focused hedge fund founded by former OpenAI researcher Leopold Aschenbrenner, reportedly sold most of its public stock portfolio to Citadel after a sharp reversal in AI infrastructure trades. The fund had surged earlier in 2026 on bets tied to chips, compute, memory, and energy, but recent declines hit key holdings and undercut efforts to raise fresh capital. It reportedly still holds its Anthropic shares.

The episode shows how quickly enthusiasm around the AI infrastructure trade can turn when crowded positions face pressure. Retaining private AI startup exposure while unloading public equities suggests investors may still see more durable upside in frontier model companies than in the broader supply-chain basket.