A young AI hedge fund, Situational Awareness—once a darling of the market after betting big on AI stocks—is now facing a brutal reckoning. After a meteoric rise followed by a July market crash that wiped billions, the fund is also under federal scrutiny from the SEC, which is probing its trading practices and funding sources. Though quiet on public statements, the fund told The New York Times they expected this level of regulatory attention as a major player—and say they’re ready to cooperate fully. It’s a high-stakes moment for anyone trying to build an empire in AI finance.
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