Navitas Semiconductor was caught in the forced liquidation of the Situational Awareness fund, leading to significant price volatility.
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When Risk Taking Goes Too Far – $20B AI Stock Collapse
Aug 6, 2026
The transcript recounts the rise and fall of Leopold Aschenbrenner, a former OpenAI researcher who launched a hedge fund focused on AI infrastructure. He achieved massive returns by identifying companies with high power access—specifically former Bitcoin miners pivoting to data centers—before his fund eventually collapsed.
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SK Hynix was identified as a key momentum stock in the fund's portfolio that faced extreme volatility during the forced liquidation event.
Bloom Energy was one of Leopold's highest conviction trades, representing 16% of his portfolio at one point.
Applied Digital was a key holding in Aschenbrenner's fund, which saw significant gains due to its pivot from Bitcoin mining to data center infrastructure.
The creator identifies NVIDIA as the conventional AI trade that the broader market was focused on before Aschenbrenner pivoted to more specialized infrastructure plays.
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