NYT: AI Hedge Fund Situational Awareness Had No Risk Team; SEC Now Subpoenaing Its Wall Street Lenders

Filings and sources cited by the New York Times say Leopold Aschenbrenner's Situational Awareness — the AI-focused hedge fund that plunged from about $45B to $10B in July — ran without an investment-risk team, and that after the sell-off the SEC has now sent subpoenas to major Wall Street banks including Goldman Sachs, JPMorgan, Citigroup and Bank of America seeking details on the levered trades they financed. The fund has not been accused of wrongdoing and says it will cooperate with regulators.