Palihapitiya’s Newest SPAC Targets Hot Sectors in AI and Crypto

Chamath Palihapitiya is targeting the hottest — and riskiest — corners of the stock market with his newest blank-check firm nearly three years after abandoning the industry.

The former Facebook executive’s $250 million special purpose acquisition company, American Exceptionalism Acquisition Corp. A, will look to merge with a company in the energy production, artificial intelligence, decentralized finance or defense industries, according to a letter to investors from the one-time SPAC King in its regulatory filing. That comes as investors leapfrog one another to buy shares of a handful of high-flying crypto-exposed stocks and flock to anything tied to AI and ...