AI Fund Bets $400 Million on Unproven Chip Startup After Public-Market Exit

After selling its public stock portfolio to Citadel following deep AI losses, Situational Awareness committed $400 million to Source Foundry, a private chip-manufacturing startup with no disclosed technology, product roadmap, or timeline. The fund kept its Anthropic shares. The Wall Street Journal reported the deal on August 7, 2026.