Jane Street recorded a $15 billion loss in July, its first negative month of trading revenue since 2016, after exposure to the AI‑focused hedge fund Situational Awareness and a market sell‑off in technology stocks.

The firm reported more than $40 billion in year‑to‑date trading revenue, exceeding the $39.6 billion generated in the prior year, and operates on more than 200 trading venues worldwide.

In a note to employees dated Friday, Jane Street executives said July was a “bad month” and attributed part of the decline to the drawdown at Situational Awareness, which is managed by former OpenAI researcher Leopold Aschenbrenner and had sold most of its holdings to Citadel after being hurt by the AI sell‑off. The note said the firm’s stake in Situational remained roughly flat for the year but positive over the longer investment horizon, while short‑term hedges offered limited protection because AI‑related losses were spread throughout July. Jane Street also reported losses on long positions in Asian non‑AI equities that had outperformed earlier in the year, with several memory and semiconductor stocks declining about 50 % during the month. The company said it has closed a portion of the risk positions where the losses occurred and is being more selective about risk‑taking, noting strong market volumes and improvements to short‑term strategies.

Jane Street, which has not accepted outside capital and maintains direct market access to over 200 venues, continues to operate as a major market‑making firm, though the July results underscore the volatility introduced by rapid AI‑driven market movements.

Four journalists traveling with President Donald Trump from Turkey to Britain said they were not informed that the president had been moved from Air Force One to a second aircraft after officials assessed a possible Iranian threat, the Washington Post reported. The journalists, who spoke on condition of anonymity, said they observed unusual activity on the tarmac, including a catering truck positioned close to the plane, and were asked to keep window shades lowered without explanation. After the aircraft took off, flight crew requested that passengers lower shades and did not provide a reason when asked. The president boarded the new aircraft in Britain later that night and spoke with reporters, according to the report. Two U.S. officials, speaking anonymously, said F-16 fighter jets accompanied the aircraft as an escort. The White House did not respond to a request for comment. Other news organizations with journalists aboard also declined to comment. The press pool, a rotating group of journalists that has documented presidential travel since 1937, said the lack of disclosure broke longstanding expectations of openness. Mark Schoeff Jr., president of the National Press Club, said the situation raised serious questions about whether safety concerns were adequately considered. The White House Correspondents’ Association president, Jacqui Heinrich, said she conveyed member concerns to White House officials and noted that future transparency would help ensure accurate reporting after security issues subside. In 2000, during a similar flight maneuver involving President Bill Clinton, officials briefed a journalist off the record. Journalists said they would have accepted security measures if they had been informed in advance. The incident has prompted calls for clearer protocols for press travel.