Leopold Aschenbrenner's Unsuccessful Trade of the Last 2 Days #SituationalAwareness sold its entire public book - longs and shorts, one block, to Citadel before Thursday's open. Then every name in it closed green. The fund was up 439% net through June, the best large fund in the world. Then July hit a portfolio running ~4x leverage from both sides at once: the AI infrastructure longs collapsed 27–54% while the chip puts moved against him as semis rallied. Goldman, JPMorgan and Bank of America called margin together. The exit created the bottom. IREN +30.5%, WhiteFiber +27.5%, Bloom Energy +26.4%, SanDisk +26% - the smallest names bounced hardest, because that's where his block was the biggest share of the float. He owned 8.2% of Core Scientific outright. The mega caps barely moved: NVIDIA +2.65%, TSMC +7.64%. That gap is the fingerprint of forced selling, not fundamentals. He kept the private book, including a ~$5B stake in Anthropic. In his July 24 letter he called the selloff the most attractive opportunity since early 2025. Six days later he was the seller, and Citadel was the buyer.