The fund that had grown to as much as $45 billion and posted gains of 439 percent through June 2026 has been shattered by July's AI selloff. Long positions in AI infrastructure stocks, most notably SK Hynix, the South Korean memory chip maker whose US IPO coincided with a broader unwind of leveraged positions in Korean stocks, fell sharply. Short positions in software companies including Adobe moved against the fund as software stocks rallied. The combination, amplified by significant leverage supplied by prime brokers including Bank of America, Goldman Sachs and JPMorgan, triggered margin calls the fund could not meet without selling. The fund had also been trying to sell stakes in privately held companies including Anthropic, where his wife Avital Balwit serves as chief of staff to CEO Dario Amodei, to raise cash.