After AI-focused fund Situational Awareness saw its portfolio collapse 67% in July, forcing it to unwind most of its $16 billion public-equity book, Ken Griffin's Citadel Advisors stepped in. Citadel acquired distressed AI semiconductor positions at discounts exceeding 10%. By August 21, Citadel had shed over 80% of the aggregate risk from the acquired portfolio through nearly 100 block trades worth more than $4 billion, once markets stabilized. Griffin noted that Citadel Wellington gained 5.94% in July and was up about 12% for the year.