Leopold Aschenbrenner’s hedge fund, Situational Awareness, lost its credit lines from JPMorgan Chase after a collapse in capital. The bank terminated lending activity following a series of artificial intelligence trades that the Financial Times identified as the largest loss in the history of the hedge fund industry.

A source familiar with the matter told Reuters on Friday that the cutoff was a direct result of those AI bets. The lending restriction follows reports that Aschenbrenner spent hundreds of millions of dollars on call option premiums for companies such as AMD and CoreWeave in an attempt to rebuild the fund.