1.Live Review Introduction
Tiger Brokers livestream hosted by Vyann, featuring Selena Han, former $Cboe Global Markets, Inc(CBOE)$ economist and founder of Han Insights. With 8 years of experience at CBOE, the largest US equity options exchange, Selena served as the exchange’s first dedicated economist, translating raw market data into actionable insights for regulators and all tiers of market participants. Her research spans US equities, derivatives, volatility dynamics, macro trends and AI sector investment logic.
Beyond earnings and CapEx, Selina flagged a separate, largely non-fundamental event that helps explain why AI-adjacent names like memory and chip stocks fell so much harder in late July than earnings alone would justify.
Disclaimer: This broadcast has not been reviewed by MAS. The views expressed are the speaker's own and not those of Tiger Brokers. This session is strictly for educational purposes and is not financial advice. Investing involves risk, and past performance does not guarantee future results.
2.Six Unrelated Stocks, Moving as One
During the late-July unwind, six otherwise-unrelated, AI-linked names (including $SanDisk Corp.(SNDK)$, $Micron Technology(MU)$, $Bloom Energy Corp(BE)$, $NEBIUS(NBIS)$, $CoreWeave, Inc.(CRWV)$ and $Taiwan Semiconductor Manufacturing(TSM)$) suddenly began trading like a single position — falling together, then rebounding together. The common thread wasn't a shared business model; it was shared ownership by one concentrated, heavily leveraged fund whose forced selling dragged all six down at once.
3.From AI Researcher to Forced Seller
The fund, Situational Awareness, was founded by Leopold Aschenbrenner, a former OpenAI Superalignment researcher, built on the thesis that AI companies would pour hundreds of billions into infrastructure — with the biggest winners being the suppliers behind that buildout (chip makers like TSMC, memory suppliers like $SanDisk Corp.(SNDK)$ and $Micron Technology(MU)$, power companies like Bloom Energy, cloud providers like $NEBIUS(NBIS)$, and private AI companies like Anthropic). Rather than diversifying across the theme, the fund took large, concentrated, leveraged long/short positions — and it worked spectacularly well, returning +439% in H1 2026, making it one of the best-performing hedge funds of the year.
4.Why It All Fell Apart
The mechanism was a classic avalanche: an initial dip in AI stocks triggered margin calls on the fund's leveraged positions, which forced liquidation at any price, which spooked other investors into selling too, which accelerated the selloff further. Reported figures put the reversal at roughly -67%, with an estimated ~56% of the fund's public equity portfolio concentrated in just $SanDisk Corp.(SNDK)$ and $Micron Technology(MU)$ alone. It wasn't a fundamentals problem — it was concentration and leverage. Citadel ultimately purchased the fund's position, which helped stop the chaos and let the tech sector rebound.
5.The Takeaway for Investors
This wasn't a warning about the AI thesis — the underlying supply-demand story for chips and memory was largely intact throughout. It was a reminder that high-conviction, concentrated, leveraged positions can create outsized swings that have little to do with company fundamentals. Diversification (including via ETFs) remains the standard defense against this kind of forced-selling contagion.
Closing Takeaway
Small initial moves, forced selling, leverage, and fear — that's how avalanches happen in markets. The AI investment thesis wasn't broken in late July; one very leveraged fund was. Next up: what the Fed, CPI, and Jackson Hole mean for where stocks go from here.
6.Risk Reminder
Highly leveraged, concentrated positions carry substantial risk of forced liquidation. Market participants without sufficient foundational knowledge are advised to complete education modules before initiating live positions.
7.Post-Event Resources
Viewers can access further insights via Han Insights' official website, haninsights.com. You can also follow Selina Han on LinkedIn (search: Selina Han) or via Tothemoon as Selina_Han_Insights. The full livestream replay is available on the Tiger Trade app.
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