US start-ups are raising more cash than at any point since 2021 thanks to investor bullishness about artificial intelligence, but the venture capital market has tilted sharply towards funding a handful of huge private tech companies.
More than $30bn has been invested into fledgling groups already this quarter, according to PitchBook data. A further $50bn of fundraising is also in train, as venture capitalists work on a series of major deals involving OpenAI, Safe Superintelligence and defence tech start-up Anduril.
The fervour over AI has led investors to spend at their fastest rate since the market’s peak in 2021, a period in which $358bn flooded into tech groups, saddling many with unrealistic valuations.
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