**JPMorgan Cuts Fund Lending**

**JPMorgan** stopped lending to **Situational Awareness** after huge losses from leveraged bets on the **AI sector**. The fund was forced to sell most of its public-stock holdings tied to **Ken Griffin’s Citadel** as semiconductor and AI-infrastructure shares plunged worldwide.

In **July**, the sell-off triggered a **margin call**. The portfolio fell **67%** in one month, after gaining **439%** through **June**.

**Leopold Aschenbrenner**, a former **OpenAI** researcher who launched the fund in **2024**, told investors it had come “closer to an irreversible loss of capital than is acceptable to us,” while retaining faith in the portfolio’s fundamentals. **Goldman Sachs**, **Citigroup**, **Bank of America** and **Clear Street** remain brokers.

**[@futures](https://t.me/futures)