Altimeter Capital Management’s hedge fund fell 11% in July, joining a growing list of investment firms that suffered double-digit losses as the sharp reversal in AI-related stocks rattled hedge fund portfolios, according to a report by Bloomberg. The market correction also weighed on a number of leading multi-strategy hedge funds. The firm’s performance was supported in part by its acquisition of discounted AI-related positions from hedge fund Situational Awareness following that firm’s liquidity crisis. Performance across the hedge fund industry was highly dispersed. The divergence follows an exceptionally strong first half for the industry, with hedge funds returning an average of 7.4% through June, according to PivotalPath.