Yet the fund, Situational Awareness, remains up about 80% this year after a spectacular run before the sell-off. The critical difference is that Situational Awareness never posed anything close to LTCM's systemic threat. His prescient 2024 white paper, "Situational Awareness: The Decade Ahead," traced the exponential growth in computing power and followed those trend lines deep into the future. The AI investment boom is already redirecting corporate cash toward chips, servers, networking gear, and electricity. Situational Awareness said rapidly falling positions and fading market liquidity made it increasingly difficult to keep the portfolio within its risk limits.