SEC Subpoenas Banks Tied to Aschenbrenner's AI Hedge Fund After July Losses

The SEC has subpoenaed Wall Street banks that financed and supervised trading for Situational Awareness, an AI-focused hedge fund led by former OpenAI researcher Leopold Aschenbrenner. A late-July 2026 downturn in AI stocks erased billions at the fund. The fund faces no wrongdoing accusations and says it will cooperate fully. Reuters, the NYT, the FT, and Fortune reported the probe on August 24.