JPMorgan has notified Situational Awareness that it will terminate its lending relationship after the fund suffered heavy losses from bets on AI, the Financial Times reported. A global chip stock sell-off in July triggered margin calls, cutting the fund’s portfolio value by 67% in one month. Situational Awareness later transferred most of its public-market equity positions to Citadel. Goldman Sachs, Citi, Bank of America and New York broker Clear Street continue to provide brokerage services; the firms declined to comment.