Situational Awareness Lost 67%.
CoreWeave (CRWV) and Sandisk (SNDK) Show How Leverage Turned an AI Bet Into a Fire Sale Situational Awareness lost 67% in July and sold most of its roughly $16 billion public-equity portfolio to Citadel, Reuters reported on July 30 and July 31
CoreWeave, Inc. (NASDAQ:CRWV) and Sandisk Corporation (NASDAQ:SNDK) were among the concentrated AI holdings caught between falling prices, leverage, and evaporating liquidity. The latest completed 13F quarter shows the scale, but not the fund’s exact July exposure. At the end of Q1 2026, Situational Awareness reported 7.18 million CoreWeave shares worth $556.1 million and 1.14 million Sandisk shares worth $724.4 million, plus call positions in both.
Sandisk then fell 54% in July. As losses reduced the fund’s equity cushion, borrowed exposure made selling compulsory. The fund removed leverage after warning that it had come close to permanent capital impairment.