[Goldman Sachs Earns Over $200 Million in Fees from AI Fund 'Situational Awareness'] According to a report by Financial Times on September 25, the AI hedge fund 'Situational Awareness' has become one of the largest hedge fund clients of Goldman Sachs (GS.N)'s prime brokerage business this year, generating over $200 million in fee revenue for the firm. Sources familiar with the matter revealed that 'Situational Awareness' was at one point a significant client for Goldman Sachs' trading division this year. Its rapid growth and strategy of leveraging borrowed funds to amplify trading scale contributed to the fee increase. When the fund was established, it managed only a few hundred million dollars in assets, but its returns once exceeded 400%, expanding its scale to over $20 billion. However, this year, AI-related stocks experienced significant volatility, and the fund's substantial public market positions were impacted, with losses further magnified by leveraged borrowing. Founder Ashenbrunner subsequently sold off the majority of the fund's stock positions, including approximately $16 billion worth of assets sold to Citadel. In July, he informed investors that the fund would no longer use borrowing to amplify investments in the future. Despite the losses, 'Situational Awareness' has maintained its relationship with Goldman Sachs and has begun establishing trading relationships with tech stock brokerage Clear Street.