NBIS ▼ -15.2% - Nebius Group N.V. AI-focused hedge fund Value Aligned Research Advisors (VARA) plunged 33% in October, its second major collapse this year, as crowded AI infrastructure trades suffered another brutal reversal, Bloomberg reports. * Repeated Losses: VARA previously lost 44% in July after gaining nearly 200% through June. Despite October's plunge, the fund told investors it remained up 13% year-to-date. * AI Exposure: Its June SEC filings disclosed major positions in Bloom Energy ($BE, $1.69B), Nebius ($NBIS, $1.69B) and CoreWeave ($CRWV, $1.08B), alongside substantial semiconductor and options exposure. Holdings may have changed since June. * Liquidation Concerns: VARA faced rumors of forced liquidation in October, but its latest investor letter says the fund remains healthy and stable, with leverage at the low end of its historical range. * Broader Hedge Fund Stress: October also hurt Millennium, Marshall Wace and other major managers as crowded technology positions unwound. VARA's concentrated AI strategy suffered substantially steeper losses. 05-NOV-2026 07:00 PM ET