Situational Awareness, an AI-focused hedge fund, may have sold its public portfolio while keeping its Anthropic shares, according to TechCrunch. The report points to how strongly some investors still favor private frontier AI companies over public market exposure.
The fund’s name echoes the influential AI essay by Leopold Aschenbrenner, and its portfolio has attracted attention as a signal of how AI believers are placing financial bets. Holding Anthropic while selling public positions suggests a concentrated view of where the largest upside may remain.
That does not mean the strategy is safe. Private AI companies can be difficult to value, and their future depends on model progress, revenue growth, compute costs, regulation and competition from other labs.
The broader takeaway is that AI investing is splitting into different categories. Some investors prefer infrastructure companies already producing revenue, while others are still chasing scarce exposure to private model developers they believe could define the next platform shift.