《 Financial Personality Chronicles - Is Gambling the Nature of Traders? How to translate Brothers and sisters, once an AI genius who lost 35 billion yuan in the stock market, he returned to the battlefield: crazy buying options! Can he still win the bet this time? Two months ago, he suffered a severe loss of 35 billion yuan. Two months later, he returned as soon as he got married. Leopold Aschenbrenner, the man known in the AI community as' situational awareness', just experienced a financial disaster in July this year. His hedge fund assets plummeted from a peak of $45 billion to $10 billion within a few weeks. 35 billion US dollars have vanished into thin air. How did you lose? Leveraging heavily on the AI sector, AI experienced a pullback in July, turning leverage into a death knell. Forced to liquidate, the public stock position was packaged and sold to Ken Griffin of Citadel at an extremely low price. In theory, ordinary people need to take a few years off for significant losses and profound lessons at this level. But he is not an ordinary person, his confidence and gambling nature quickly brought him back to the gambling table. CNBC reported on September 11th that he has returned and is aggressively buying options on AMD, Bloom Energy, and Coreweave, with the list also including SK Hynix, SanDisk, and even accepting options on storage chip ETFs. do you understand? He's still betting on AI. And he's betting even harder than last time: options, high leverage in high leverage. There is a highly controversial point here: Is he 'unwilling to change his gambling nature' or 'steadfast in his beliefs'? People who say he hasn't changed his gambling nature would say: Two months ago, he was just leveraged once, and now he's rushing into the options market again. Isn't this a high stakes gamble? Last time we lost 35 billion, how much are we planning to lose this time? People who say he has a firm belief will say: He lost his position in the public market, but he still holds shares in private AI companies such as Anthropic, which is his trump card. He's not betting on stock prices, he's betting on the ultimate outcome of AI. The logic of long-term investment in AI has not changed, long-term investment in AI will win! However, I think the real question worth pondering is another one: Why can't a person who publicly publishes a long article predicting that AI will trigger a geopolitical upheaval do even the most basic risk management well in the financial market? Theoretical depth does not equal risk control breadth. Risk control and discipline are essential qualities for a compliant trader. He saw the future of AI, but did not see his own leverage. He judged the right direction, but died on the wave. This is precisely the common problem of many traders: they see the big trend correctly, but cannot withstand the pullback in the middle. Ashenbrunner is the ceiling version of this problem, with a drawdown of $35 billion. Now he's back, continuing to bet on AI with options. Wall Street traders are watching every large order, wanting to see if it will turn the tide this time or if it will turn the tables again. And what I want to ask is: if a person can continue to gamble after losing 35 billion, is their money their own or the LP's? Comment section chat: Do you think this is the return of the king or the second leek? AI options hedge fund trading risk: Little Dragon discusses investment