The SA Story is essentially an AI researcher who left OpenAI's superalignment team, published a series of viral blog posts, raised capital for a hedge fund, and capitalized on the semiconductor boom over the last two years.

They used aggressive leverage and when the semiconductor sector corrected sharply, they faced catastrophic margin calls.

What's left is $10 billion in AUM primarily tied up in a $5 billion private stake in Anthropic and various other AI company holdings, the firm effectively operates as a venture capital fund rather than a traditional hedge fund now.