Situational Awareness, the fund run by AI-focused investor Leopold Aschenbrenner, redeployed into artificial intelligence stocks in early September after being forced to unwind positions in July, according to Coin Bureau. The fund bought hundreds of millions of dollars in options tied to the sector.\n\nSince Sept. 8, six of the seven heavily backed stocks have declined, led by CoreWeave at -37.4%, SK Hynix at -25.8%, SanDisk at -23.8% and DRAM at -22.9%. Bloom Energy fell 18.1% and Intel slipped 9.4%, while AMD rose 9.1%. On average, the basket is down 18.3%.\n\nActual losses will depend on position sizes, option terms and subsequent trades. Even with a long-term bullish view on AI, options strategies can lose money if market moves do not match expected timing.