AI Funding Concentration Crisis

86% of all VC flowing to AI, with OpenAI and Anthropic capturing 53%. Non-AI funding halved. 250 new unicorns but 75% of funding concentrated in 2026, and 800+ unicorn IPO backlog raises exit concerns. Systemic risk of extreme capital concentration. New: US lead in AI race with China is rapidly narrowing – Kimi K3 nearly matches Anthropic at fraction of cost, challenging US firm valuation assumptions and IPO prospects. China's AI bubble: 80,000 companies dissolved, state capital 82% of LP contributions.