AI Hedge Fund Backs Stealth Chip Startup After Halving Its Assets

Situational Awareness, the AI hedge fund founded by ex-OpenAI researcher Leopold Aschenbrenner, put $400 million into Source Foundry — a stealth chip-manufacturing startup by Stanford researchers — days after selling most of its public portfolio to Citadel. The fund's assets under management fell from $20 billion to $10 billion. The deal brought its total Source Foundry commitment to $500 million.