Live, rolling coverage as London’s biggest companies defy Middle East disruption and UK petrol prices rise to around £1.60 per litre, the highest since Donald Trump ordered renewed strikes

The story piquing the interest of the financial press this morning is that of Leopold Aschenbrenner, the AI Wunderkind (he’s German-born) who has been forced to sell off his fund in a fire sale after the AI boom ran out of steam.

The 24-year-old had persuaded a lot of people to give him a lot of money for a hedge fund, after previously working for OpenAI and the FTX Future Fund, a charitable arm of the fraudulent crypto empire of Sam Bankman-Fried, who is now in prison. Aschenbrenner ploughed that money into debt-fuelled bets on artificial intelligence companies, earning huge returns until he found out that stocks can also fall.

The trader dubbed the “Nostradamus of AI” would have been hard-pressed to foresee how quickly his high-flying hedge fund would run into trouble.

The firm’s rapid downward spiral is a familiar tale, as Silicon Valley and Wall Street once again threw their weight behind a bright-eyed but untested investor who promised this time would be different. “Everybody always wants to find the next golden child,” said one longtime hedge fund executive. “It just keeps happening.”

In less than 24 hours — which included a conversation between Griffin and Aschenbrenner — Griffin’s Citadel hedge fund reached out to Situational Awareness and snapped up the investments at a discount, according to a person familiar with the matter who asked not to be identified citing private information.

It was a startling reversal for Aschenbrenner, a former researcher at OpenAI who – before starting his hedge fund roughly two years ago — had no previous investment experience. His fledging firm has watched its assets plunge from $45bn at the start of July to about $10bn.

Exclusive: Mining giant says technology is not yet advanced enough to run a fully electrified fleet but experts say it is hooked on federal fuel tax credits

• Revealed: the internal BHP memo that slammed the brakes on world’s biggest miner’s climate push

• Read more from the BHP files investigation here

• Get our breaking news email, free app or daily news podcast

BHP has continued to spend hundreds of millions of dollars buying diesel trucks in the Pilbara despite internal documents suggesting it would increase emissions and be “misaligned” with its decarbonisation goals.

The mining giant is Australia’s biggest consumer of diesel and trucks are its biggest single source of diesel emissions. Replacing the fleet with battery-electric trucks is considered a critical step in the multinational’s efforts to decarbonise.