Did Ken Griffin Just Save the AI Trade With This $10 Billion Move?
AI stocks skyrocketed today after a hedge fund blowup.
Overview
Stocks soared on Thursday, led by a blockbuster earnings report by Microsoft, which finished the session up 15.5%. In fact, it was the single biggest one-day market-cap gain from a stock as Microsoft added more than $400 billion in market value.
But beneath that headline and the 2.8% gain in the Nasdaq Composite, there was arguably a bigger story in the market, driving a surge in AI stocks today.
Details
Situational Awareness, the AI-focused hedge fund founded by 24-year-old Leopold Aschenbrenner, faced margin calls from its lenders yesterday and was forced to sell most of its public holdings to Ken Griffin’s Citadel, valued at more than $10 billion.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.