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Sept 11 — JPMorgan Chase cut off its lending activity for Leopold Aschenbrenner's hedge fund Situational Awareness after large losses tied to his AI bets, a source familiar with the matter told Reuters on Friday.
The AI-focused hedge fund was forced to sell most of its public equities portfolio to Citadel after a broad selloff in global chip stocks roiled its leveraged bets.
JPMorgan, one of the fund's top lenders, notified Situational that it would end its lending relationship after the losses, the source said.
Other Wall Street banks, including Goldman Sachs, Citigroup and Bank of America, remain active brokers to the company.
JPMorgan, Situational Awareness, Goldman, Citi and BofA did not immediately respond to Reuters requests for comment.
The Financial Times first reported the news.
(Reporting by Anirban Sen in New York and Utkarsh Shetti in Bengaluru; Editing by Shailesh Kuber)
