That trade turned hard. Situational Awareness keeps its private holdings, and the biggest is a stake in Anthropic, which the FT valued at about $5bn. The oracle’s thesis on trialThis is a personal blow to one of the most watched figures in the AI trade. Some read that as a sign the forced selling had marked a short-term bottom rather than a verdict on the AI trade itself. Commentators could not resist the obvious point, that a firm named Situational Awareness had missed the risk in its own book.