In the autumn of 2026, JPMorgan Chase quietly drew a line — reducing its credit exposure to Situational Awareness, an AI company that had sustained losses tied to its own trading and investment activities. The decision is small in isolation, but large in implication: one of the world's most consequential financial institutions has begun to question whether the promise of artificial intelligence translates into the discipline required to manage capital. It is a moment that may mark the early edge of a broader reckoning between AI's ambitions and the patience of those who fund them.