(https://www.cnbc.com/2026/07/30/leopold-aschenbrenners-hedge-fund-is-facing-steep-ai-losses.html) after posting 1000% returns. The takeaway most people are missing: leverage works both directions, and the unwind tells you something the balance sheets haven't yet priced in. Here's the contrarian angle. The market is still valuing $NVDA, $META, $MSFT on the assumption that AI capex cycles extend indefinitely with fat margins.

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