Situational awareness is crucial to understanding what’s happening with the hedge fund Situational Awareness — and the mid-20s wunderkind behind it.

Leopold Aschenbrenner is the man at the center of the high-profile hedge fund meltdown that’s dominating headlines and X feeds, after his once $20-billion-firm was forced to sell most of its public equity holdings to Citadel on Wednesday. Heralded as an AI savant, Aschenbrenner worked at, and was quite publicly fired from, OpenAI before founding his now flailing firm.

Aschenbrenner has stood out for his intellectual chops since he was a teenager. A German native with coiffed blonde hair, he…

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