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This Leopold / Situational Awareness story is crazy.

Go from $1.5B to $20B in under two years. Over 1,000% since launch, 270% ytd to May alone. Jane Street which almost never allocates to external managers becomes an investor. $24B near the highs, levered as much as 4x. Up 439% for H1'26. July 2026: AI names go down as much as 50%. Compounded with up to 4x margin... Leopold sends letter to LPs for additional capital reported by FT yesterday, says that this is a buying opp. Today: CNBC reports Situational Awareness has exited all public equity positions. One buyer takes everything, both L/S books, in one enormous block. Jane Street?? Who buys a whole levered spread book in one go? Isn't that is literally Jane Street's business? As an LP, Jane Street had the inside view of exactly his book. Which would make this even more ironic... If it was JS, the arc completes: Leopold's rarest backer would be the buyer of his whole book lol. What's left of Leopold? Whatever's left in the private book after selling Anthropic stake and the capital raise, if any.