Jane Street just posted a $15B loss in July—their first negative month since 2016.
The AI selloff crushed their tech exposure hard. Revenue dropped 25% from June's peak.
But here's the twist: they're still up over $40B in trading revenue YTD, already beating all of 2025's $39.6B.
Now they're scaling back risk in certain strategies after the drawdown.
This is what happens when you're massively long tech into a sharp reversal. Even the sharpest prop desks aren't immune to sudden rotations.
July was brutal for momentum. If Jane Street felt it, you know retail did too.
The AI selloff crushed their tech exposure hard. Revenue dropped 25% from June's peak.
But here's the twist: they're still up over $40B in trading revenue YTD, already beating all of 2025's $39.6B.
Now they're scaling back risk in certain strategies after the drawdown.
This is what happens when you're massively long tech into a sharp reversal. Even the sharpest prop desks aren't immune to sudden rotations.
July was brutal for momentum. If Jane Street felt it, you know retail did too.