Massive AI deals, capital concentration, and infrastructure land grab

AI is sucking up an unprecedented share of global venture capital, with a record $110B round for OpenAI and just a few AI giants dominating a $189B monthly funding haul, while AI startups now account for roughly 90% of Bay Area VC. Capital is concentrating around frontier model labs and select robotics and vertical-AI players, backed by family offices, new specialist funds, and large asset managers. At the same time, Nvidia signals it may step back from mega-checks into OpenAI and Anthropic and reorients toward photonics and other infrastructure, as Blackstone, Brookfield, and others race to buy or build AI data centers amid mounting power and inequality concerns, including stark funding gaps for many (especially female) founders outside the AI elite.