Investor Gene Liang, dubbed the ‘AI stock god’, had concentrated 56% of the Situational Awareness fund’s assets in just two stocks before their collapse. At the end of the first half of 2026, on the cusp of a major sector correction, more than three quarters of the fund was wagered on only five stocks, essentially representing one big bet on artificial intelligence. This extreme concentration exposed the fund to significant losses when the AI sector experienced a major correction.
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