VCs left behind?
The huge outlay, which exploded after the launch of OpenAI's ChatGPT in November 2022, highlights how the biggest Silicon Valley groups are crowding out traditional tech investors for the biggest deals in the industry.
The rise of generative AI -- systems capable of producing humanlike video, text, image and audio in seconds -- have also attracted top Silicon Valley investors. But VCs have been outmatched, having been forced to slow down their spending as they adjust to higher interest rates and falling valuations for their portfolio companies.
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