Business & Markets — August 1, 2026

Aschenbrenner's AI hedge fund loses 67%. Former OpenAI researcher Leopold Aschenbrenner's Situational Awareness fund fell roughly 67% in July after a momentum reversal triggered margin calls, forcing the sale of its $16 billion portfolio to Citadel.

According to CNBC, the fund had grown to about $45 billion in value before the collapse, meaning most of that was wiped out within days. The stock holdings that were liquidated to meet the margin calls went to Citadel in a single transaction, ending what had been one of the largest AI-focused investment vehicles run by a former OpenAI staffer.

CNBC Top News · Read more →

Amazon receives $600 million in tariff refunds. Amazon received roughly $600 million in refunds from President Trump's tariffs following a Supreme Court ruling and pledged to return a portion to customers.

The Hill · Read more →

U.S. Treasury intervenes to support yen. The U.S. Treasury stepped into currency markets alongside Japan to back the weakened yen. It was Washington's first-ever joint intervention to prop up Japan's currency -- a significant shift in U.S. policy.

Reuters · Read more →

Fed chair's remarks point toward rate hike. Investors read Fed Chair Kevin Warsh's press conference as dovish, but his prepared remarks suggest a hike may be near; three FOMC members already dissented in favor of raising rates.

CNBC Top News · Read more →