Leopold Aschenbrenner's hedge fund Situational Awareness is drawing fresh support from Silicon Valley even after a blowup tied to a sharp pullback in AI-related stocks. The fund is still up about 80% this year and its remaining portfolio, including private investments, is valued at roughly $10 billion, but it has told investors it is not accepting new money for now. Sequoia Capital partner Pat Grady said Aschenbrenner would remain an important figure in Silicon Valley, while Elad Gil said he had applied to invest in the fund for the first time, and Redpoint Ventures managing director Logan Bartlett framed the setback as a moment that rallied supporters around him. Aschenbrenner told investors he has removed all leverage and, at least temporarily, will stop using bank prime brokerage to expand positions. That stance sharpens the divide between Silicon Valley's willingness to back concentrated bets on transformative technology and Wall Street's emphasis on capital preservation and risk-adjusted returns. Earlier reporting said Morgan Stanley planned to add the fund as a prime brokerage client in coming weeks, even after previously declining to do so, while Barclays had already refused the relationship because of concentration in industry exposure.