The SEC is investigating the near-collapse of AI-focused hedge fund Situational Awareness, sending subpoenas to major Wall Street banks for details about the fund's trades, borrowing, and communications with lenders. The fund, founded by former OpenAI researcher Leopold Aschenbrenner, managed over $30 billion and borrowed tens of billions more before leveraged bets unraveled, forcing it to sell most of its stock portfolio to Citadel at a discount. The New York Times reports: The subpoenas asked for details on the timing of Situational Awareness's trades and for its communications with lenders about the money it was borrowing, also known as "leverage," two of those people said. The subpoenas additionally warned the banks to preserve any...
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