What OpenAI's executive exits mean for the largest tech listing in history... [more]OpenAI lost its chief operating officer and its chief revenue officer within 48 hours this week, capping a month in which the company also removed the independent reporting line for its safety organization and saw its head ethicist, its head of safety systems and its chief futurist all walk out the
Opalesque Roundup: Money keeps flowing to hedge funds as July's damage is counted... [more]July's damage was still being counted this week, and the counting produced a more interesting picture than the headlines. Managers cut borrowing without cutting conviction, allocators kept sending money in, and the talent market carried on as though nothing had happened - while regulators drew f
Jane Street lost $15 billion on Situational Awareness stake and AI bets... [more]Jane Street took an approximately $15 billion hit in July tied to its investment in Leopold Aschenbrenner's Situational Awareness and other AI-related positions. The losses contributed to Jane Street's first negative month of trading revenue since 2016, although the firm has still generated more tha
Split Capital founder closes fund, cites shift in crypto market... [more]Split Capital founder Zaheer Ebtikar is shutting down the crypto hedge fund and joining stablecoin infrastructure company Plasma as chief strategy officer. Ebtikar said Split Capital was profitable in both 2024 and 2025 and generated returns exceeding 100%, but concluded that the hedge fund model ma
Quantitative hedge fund strategies: The machine learning revolution of 2026... [more]The article examines how machine learning is reshaping quantitative hedge fund strategies in 2026, from signal generation and alternative-data analysis to portfolio construction and execution. It also explores the risks created by increasingly similar models, crowded trades and the need for robust h
Tiger Global Management cuts stakes in Big Tech, buys into SpaceX... [more]Tiger Global Management reduced stakes in several large technology companies during the second quarter and exited Netflix, according to regulatory filings. The hedge fund also established new positions in SpaceX and Advanced Micro Devices, signaling a portfolio shift toward the newly public space co
Why a veteran fund manager sees more trouble ahead for SpaceX as its post-IPO roller coaster continues... [more]Veteran fund manager George Noble expects SpaceX shares to fall another 50% by year-end, arguing that the company is trading at an unsustainable valuation of roughly 90 times revenue. Noble, formerly manager of Fidelity's Overseas Fund, views both SpaceX and Tesla as attractive short opportunities a
Daniel Loeb's Third Point took a big stake in Warner Bros. Discovery... [more]Daniel Loeb's Third Point disclosed a large position in Warner Bros. Discovery, adding the media company to its portfolio amid continuing consolidation and restructuring across the entertainment industry. The investment suggests Third Point sees an opportunity for significant value creation as Warne
Peter Thiel reveals $118 million Amazon stock bet... [more]Peter Thiel disclosed an approximately $118 million position in Amazon through his investment firm, adding exposure to one of the largest beneficiaries of artificial intelligence infrastructure spending. The investment adds Amazon to a portfolio closely watched for Thiel's concentrated technology be
Chinese hedge funds rotate from Nvidia amid AI bubble concerns... [more]Chinese hedge fund managers are reducing exposure to Nvidia and other richly valued US AI names while increasing investments in domestic technology and semiconductor companies. The rotation reflects concerns that parts of the US AI trade have become excessively valued while China's technology sector
Top hedge funds shift from Broadcom to Taiwan Semiconductor amid AI chip growth... [more]In Q2 filings, major hedge funds like David Tepper's Appaloosa, Dan Loeb's Third Point, and Stanley Druckenmiller's Duquesne Family Office significantly increased holdings in Taiwan Semiconductor Manufacturing (TSMC) while reducing or exiting positions in Broadcom. Despite Broadcom's strong Q2 reven
AI infrastructure boom is piling on debt and leverage... [more]Financing for AI infrastructure is expanding rapidly across public bonds, private credit, leveraged loans and structured finance as developers race to build data centers and acquire computing equipment. Financial-stability officials have warned that leverage and interconnected financing could amplif
Hedge fund at home: How AI is rewiring retail trading and testing its limits... [more]Artificial intelligence is giving individual investors access to quantitative research, automated strategy development and trading tools that previously required institutional-scale resources. The article also cautions that easier access to sophisticated technology does not eliminate model risk, ove
Leon Cooperman's portfolio grows to $3.5B in Q2 2026 update... [more]Vertiv Holdings (VRT) remains Cooperman's largest position at $722.5 million, followed by Rocket Companies (RKT) at $331.0 million and Energy Transfer (ET) at $254.7 million. These three stocks represent a substantial portion of the portfolio's value. Additional holdings include Apollo Global Manage
Klarman's Baupost buys into Ackman's Pershing Square, adds to tech bets... [more]Seth Klarman's Baupost Group disclosed an investment in Bill Ackman's Pershing Square while also adding to its technology exposure. The filings provide a rare look at how the value-oriented hedge fund is positioning its public-equity portfolio amid the volatile AI-led market.
Berkshire Hathaway boosts Alphabet stake by 83%, making Google parent a top 3 holding... [more]Berkshire Hathaway increased its Alphabet position by 83%, making Google's parent one of the investment portfolio's three largest holdings. The increased stake reflects growing confidence in Alphabet's core advertising and cloud businesses as well as its long-term position in artificial intelligence
Central banks are stuck in a rinse-and-repeat cycle of crises... [more]Central banks' repeated interventions to stabilize markets may be encouraging financial institutions to take greater risks in the expectation that authorities will step in during future crises. Hedge fund holdings of US Treasurys have quadrupled over the past decade to around $2.4 trillion, with lev
Trump to meet Coinbase, Ripple and crypto leaders as CLARITY Act odds collapse to 10%... [more]President Donald Trump is expected to meet executives from major crypto companies as the industry's push for US market-structure legislation faces renewed uncertainty. The discussions come as political and ethics disputes have complicated the CLARITY Act's route through Congress and weakened expecta
'Honestly, I don't care': Tether CEO dismisses critics after first KPMG audit... [more]Tether CEO Paolo Ardoino dismissed continued criticism following KPMG U.S.'s audit, saying some critics cannot admit they were wrong. A source with direct knowledge told The Block that Tether does not publicly share its audited statements because it is a private company. Tether plans to conduct full
Strategy slams MSCI over possible index removal... [more]Strategy has pushed back against the idea that companies with large digital-asset treasuries should be treated like investment funds and excluded from conventional equity indexes. The dispute centers on whether companies such as Strategy should be classified according to their operating businesses o
Imperium acquires Midmar Capital to expand private markets services platform... [more]Imperium has acquired Midmar Capital as it expands its fund and private-markets services capabilities. The transaction broadens the group's offering to alternative investment managers and forms part of its strategy of building a larger international financial-services platform.
Singapore Inc hopes AI access will stop finance high-flyers moving to Hong Kong... [more]Singapore Inc hopes its ability to access the most advanced AI models will help hold back a tide of investment managers leaving for Hong Kong, which is introducing sweeping tax cuts. Asia's two biggest financial hubs have long competed for international white-collar workers and to attract the world'
Hedge funds halved short bets on yen since joint intervention... [more]Hedge funds have cut bearish positions against the yen by roughly half since coordinated intervention supported the Japanese currency. The change in positioning shows how quickly speculative investors have reduced conviction in the short-yen trade following official action and shifting expectations
And, finally: That's not really how to settle "prior issues"... [more]From Newsoftheweird: Everette Krichbaum, 52, and James Gay, 35, are charged with aggravated battery after wielding a hatchet and a machete, respectively, during an altercation in a Publix parking lot in Panama City, Florida, The Smoking Gun reported on Aug. 7. According to the police report, Gay adm
In an era of deepfakes, phantom fortunes, and narrative warfare, the challenge of distinguishing reality from illusion has never been more acute. For those stewarding generational wealth, the stakes are existential. This 11th edition of Horizons delves into the critical quest for clarity, offering a toolkit to navigate a world rife with deception and to build a foundation of verifiable trust.
Our journey begins with a chilling investigation into
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Matthias Knab, Opalesque for New Managers: On July 9th, participants from 28 countries joined Opalesque's "Kant & Capital" webinar - not for a lecture, but for a workshop. The premise: after sixty years of labels - SRI, triple bottom line, ESG, impact - each of which fell short of its promise, i..
