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🚨 How fast $45B can vanish. On July 1, Leopold’s “Situational Awareness” fund was sitting at $4.5B with ∼450% YTD gains, running up to 4x leverage. Then July 10–20 hit. AI stocks rolled over. A lot of them dropped 30%+ in two weeks. His longs — SK Hynix, $SNDK, BE, Nebius — got hit harder than the market. And he was short software like Adobe. Wrong side both ways: AI hardware crashed, software bounced. Classic long/short double loss. July 24: Leopold told investors the fund took a massive hit, but called it the best AI buying opportunity since early 2025. July 28–29: frantic fundraising from backers and lenders, then margin calls from banks. July 30: forced liquidation of all public equity. Citadel took most of it. Leverage giveth, leverage taketh. $SNDK $BTC $ETH #DailyOrbit #SoftPCEStrongDemand #AMZNMissesButRallies