Unwind

• Former OpenAI researcher Leopold Aschenbrenner has been forced to unwind all public stock positions held by his hedge fund. • The liquidation follows significant losses driven by a decline in AI-related stocks and a failed bet against software stocks. • These financial setbacks left the fund scrambling to raise cash to cover its obligations.

• AI stocks experienced a decline in July as hedge funds began unwinding leveraged positions, revealing the fragility of the financing supporting the sector's rapid growth. • The downturn highlights a disconnect between long-term AI development goals and the reality of daily collateral assessments by lenders, who prioritize current market prices over future value. • This volatility exposes "crowded trades," where too many investors are positioned in the same assets, increasing the risk of sharp sell-offs during deleveraging.

• Meta has begun unwinding its $2 billion acquisition of AI startup Manus following a divestiture order from the Chinese government citing national security concerns. • The co-founders of Manus are currently in early negotiations to raise approximately $1 billion from external investors to fund the buyback of the company from Meta. • This separation is critical as it allows Manus to potentially transition into a Chinese joint venture structure to comply with Beijing's regulatory requirements.

• South Korean stocks experienced a significant plunge as investors began unwinding artificial intelligence trades that had previously driven a global bull market. • The volatility is partly attributed to the popularity of leveraged ETFs tracking chipmakers, such as CSOP’s SK Hynix fund in Hong Kong, which is now the world's largest single-stock leveraged ETF. • Frequent intraday swings of 5% or more are occurring due to the complex rebalancing trades required for these leveraged financial products.

Cigarettes kill 66 Australians every day, coalition says, criticising MPs who heard evidence from Philip Morris in secretGet our breaking news email, free app or daily news podcastBig tobacco is exploiting fears of the illicit market to unwind longstanding health policies, leading health campaigners have warned, amid a parliamentary inquiry which took secret evidence from the cigarette manufacturer Philip Morris.A coalition of 15 health organisations including the Cancer Council and the Heart Foundation, as well as health experts and researchers, have accused the industry of trying to reshape public debate to push for major cuts to government excise. Continue reading...

• As of April 25, 2026, Medicaid/CHIP enrollment exceeds pre-pandemic levels in 32 states, totaling 68 million Medicaid and 7.2 million CHIP enrollees nationwide. • The unwinding process disenrolled 25.2 million since September 2024, yet 69% of renewals—56.4 million—were approved in reporting states. • Elevated enrollment supports ongoing public health efforts but strains budgets amid procedural disenrollments in states like Florida and Texas.