Six weeks ago, Situational Awareness looked like a cautionary tale about betting too hard on a single thesis. The AI-focused hedge fund, founded by Leopold Aschenbrenner, has committed $400 million to Source Foundry, a private startup building chip manufacturing tools optimized for AI workloads. What Source Foundry actually doesSource Foundry is not a chip company in the traditional sense. Despite that short runway, Source Foundry has already reached a $5 billion valuation. A position in Source Foundry won’t show a mark-to-market loss on a bad Tuesday in the way that public semiconductor stocks do.