Leopold Aschenbrenner’s AI hedge fund, Situational Awareness, suffered a rapid drawdown after leveraged long bets on AI infrastructure stocks triggered margin calls during a late-July market pullback. The fund fell from a $45 billion peak in early July to about $10 billion by late July, a loss of roughly $35 billion in investor capital over about two weeks. Positions were concentrated in Nebius, SanDisk, CoreWeave and Korea-listed SK Hynix, with a short position in Adobe; Nebius fell 17.98% from July 1 to Aug 7. Despite the losses, Silicon Valley insiders have signaled interest in providing new capital, and the fund still holds private stakes including Anthropic, Fluidstack and MatX.

FuelCell Energy said it has signed a strategic agreement with Fit Energy for up to 380 MW of clean, baseload onsite power for data centers, including an immediate order for 30 MW with warrants tied to delivery milestones, with deliveries expected to start in late 2026. The company is also moving ahead with an expansion of its Connecticut plant to 500 MW of annual capacity and said about 90% of its roughly 4 GW commercial pipeline is tied to data centers. The news helped push FuelCell Energy shares up 24% in the session, while Bloom Energy fell 14% amid rotation and profit-taking.

Micron Technology is set to report fiscal 2024 third-quarter results after the close on June 24, with the market looking for revenue of $34.8 billion and EPS of $19.72—up 268% and 930% year over year, respectively. The article argues that in an AI-driven market with stretched valuations, merely meeting expectations may not be enough to support the stock. It says Micron may need to both beat estimates by a wide margin and lift its forward guidance to avoid near-term selling pressure. Shares are up nearly 300% year to date and about 830% over the past 12 months, leaving sentiment highly sensitive despite a forward P/E below 10x.

The U.S. Environmental Protection Agency finalized record Renewable Fuel Standard targets in March 2024, requiring 25.82 billion RINs for 2026 and 25.98 billion for 2027, while moving about 70% of small-refinery exemptions back into the general pool. Analysts expect the RIN stockpile to fall to zero by the end of 2024 and turn into a deficit in 2027. RIN prices have already climbed from about $1 at the start of the year to nearly $2.25, lifting refiners’ compliance costs and reinforcing demand for biofuel feedstocks such as soybeans.