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AI-battered hedge fund Situational Awareness made a big bet this week in Source Foundry, a private company aiming to reinvent the way chips are manufactured, according to people familiar with the matter. The company has invested $500 million in the startup, including a fresh $400 million infusion this week, one of the people said.

Situational Awareness, run by 24-year-old Leopold Aschenbrenner, developed a strategy of backing early-stage startups before they have a product or revenue, as well as publicly-traded stocks, an uncommon approach that spans nearly every stage of a company’s lifecycle. Aschenbrenner managed a large portfolio of publicly traded stocks, such as memory-chip makers SK Hynix and Sandisk, AI cloud computing provider Nebius Group and fuel-cell maker Bloom Energy, but sold the bulk of its stock portfolio to Ken Griffin’s investment firm Citadel in July after incurring substantial losses.

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