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The Guardian reports that Leopold Aschenbrenner, a twenty-four-year-old former OpenAI researcher, has seen his artificial intelligence hedge fund collapse dramatically. The fund started July with roughly forty-five billion dollars in assets but plummeted to about ten billion dollars. Within twenty-four hours, Citadel—Ken Griffin's hedge fund—purchased the fund's investments at a discount. Aschenbrenner had no investment experience before launching his fund roughly two years ago, after working at OpenAI and the FTX Future Fund, the charitable arm of Sam Bankman-Fried's now-imprisoned crypto empire. The collapse exemplifies a recurring Silicon Valley pattern: backing bright but unproven newcomers who promise this time will be different.

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