JPMorgan curbed lending to Situational Awareness after AI losses, source says

JPMorgan Chase (JPM.N) cut off lending activity for Leopold Aschenbrenner’s hedge fund Situational Awareness after large losses tied to his AI bets led to a near-collapse, ‌a source familiar with the matter told Reuters on Friday. The AI-focused hedge fund liquidated most of its public equity holdings to Citadel after a global chip-stock rout exposed its leveraged bets to steep losses.