Situational Awareness will be a good case study for whether or not circular deals unravel, or if the AI industry is more resilient than critics fear. Here's why:

1. Situational Awareness was recently leading Fluidstack's $830 million Series A.

2. Fluidstack is helping lead Anthropic's $50 billion data center buildout.

3. Fluidstack is one of TeraWulf's major customers.

4. Some of Terawulf's bonds are tied to Fluidstack's leasing for the Anthropic operation.

5. Google is backstopping the bonds above, should Fluidstack not be able to pay TeraWulf.

I heard via a number of sources (e.g., CNBC) that some of Situational Awareness' private deals might not move forward as a result of what's going on.

It will be interesting to see if any data centers, leases, etc. become problematic as a result of this.

... so far, what's really odd is how positive markets are today despite a massive hedge fund focused on AI falling apart.