Good morning! Here's the latest in trending:

Crude watch: Iran says it reached a Hormuz shipping route deal, but who's in control?

Chief scientist: Google DeepMind CEO takes a new position at Alphabet (GOOGL).

Jail time? President Trump takes to social media to discuss U.S. missile stockpiles.

For the past week, wild stories have emerged surrounding the meltdown of Situational Awareness, led by 24-year-old Leopold Aschenbrenner. Many investors had previously never heard of the tech bro, or his artificial intelligence hedge fund, but the forced liquidation resulted in heightened volatility across the AI sector and technology shares. Despite the chaos, the former OpenAI researcher got married in a lavish weekend wedding in Carmel-by-the-Sea, which was still attended by his Silicon Valley investors.

Too much leverage: In an all-too-common crash triggered by the lack of proper risk management, Aschenbrenner's $45B hedge fund - that prided itself on a "439% net return for the first half of 2026" - suffered catastrophic losses. A double-barreled squeeze in July saw the collapse of long positions in stocks such as Bloom Energy (BE), SanDisk (SNDK), CoreWeave (CRWV) and SK Hynix (SKHY), while its short positions in the likes of Adobe (ADBE) and Oracle (ORCL) failed to cushion the blow. When all was said and done, the implosion wiped out more than $30B of value, triggering massive margin calls and prompting Situational Awareness to explore its options. A fire sale rescue for its public equity portfolio came from Ken Griffin's Citadel, which learned similar lessons the hard way during the 2008 financial crisis.

“We took the steps that were necessary to fight another day," Aschenbrenner wrote in a letter to his investors. "But our fund must always be structured such that we can take a loss and fight another day. I will make it my mission to ensure that we learn the necessary lessons from this experience. I am fully invested alongside you—virtually all of my capital is in the fund—and I intend to work relentlessly to demonstrate that the events of this month have made me a wiser and stronger investor." How Citadel’s deal helped avert a $3T AI selloff

Making a comeback: Reports suggest that instead of a honeymoon, Aschenbrenner agreed to schedule one-on-one calls with his investors, explaining the current situation and allaying their concerns. He's also apparently back in the investing game, with a fresh $400M investment in a privately held company shielded from margin calls. But the biggest lesson will be learning from market history that even the biggest gains and winning holdings can be worthless without disciplined leverage control and strict liquidity management. (2 comments)

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Jeff Bezos unloads $350M in Amazon (AMZN) stock at record peak.

Samsung (SSNLF) Galaxy Z pre-orders on track for all-time highs.

SpaceX (SPCX) rocket stage crashes into moon after mission.

Missouri voters overwhelmingly reject measure to end income tax.

Sandisk (SNDK) slips as mixed outlook overshadows strong results.

Meta (META) apologizes for restricting Indian PM Modi's video.

Disney (DIS) rises after Q3 profit beats estimates on parks strength.

Lilly outperforms in bid to unseat Novo's (NVO) lead in oral GLP-1s.

Moderna (MRNA) gains approval of first-ever mRNA flu vaccine.

Dimon warns high market leverage could trigger quick disruption.

In Asia, Japan -0.9%. Hong Kong -1.5%. China +0.6%. India +0.5%.
In Europe, at midday, London +0.2%. Paris +0.7%. Frankfurt +0.2%.
Futures at 6:30, Dow +0.3%. S&P +0.2%. Nasdaq -0.3%. Crude +0.7% to $75.78. Gold +0.6% to $4,330.10. Bitcoin +0.7% to $64,593.
Ten-year Treasury Yield +1 bp to 4.63%.

Companies reporting today include ConocoPhillips (COP) and Cloudflare (NET).

See the full earnings calendar on Seeking Alpha, as well as today's economic calendar.