AI Fund Pours $400 Million Into a Secret Chip Startup

After losing big on AI investments, a fund called Situational Awareness sold its public stock to Citadel, then put $400 million into Source Foundry — a private startup trying to reinvent how computer chips are made. The startup has shared no technology, product plan, or timeline. The fund kept its Anthropic shares. The Wall Street Journal reported this on August 7, 2026.