Last night, Ai Stock God Leopold sent the full letter to LPs Leopold Aschenbrenner's fund dropped 67% in July, shrinking from $45 billion to $10 billion. The 4x leverage triggered margin calls from three major banks, and their public positions were sold off overnight to Citadel. But they're still up 80% for the year. Of the fund's $10 billion, $5 billion is in Anthropic's original shares (untouched), and the other $5 billion is in cash. All LPs are still satisfied, and no one has exited the fund. Ah, the perks of being young. His strategic direction was definitely correct—the mistake was using leverage on public positions, which made them a target for market whales. Leopold's wife is Avital Balwit, Chief of Staff to Anthropic CEO Dario Amodei, and Dario's only direct report.