PitchBook's Q2 valuation data has the cleanest description of the current venture market. In the first half of 2026, AI companies absorbed 86% of U.S. venture dollars, and rounds of $100 million or more took 87.5% of the dollars deployed.
I wrote about why that makes the AI funding boom look less like ordinary risk appetite and more like an access market for a few private infrastructure-scale companies.
Read the full essay here: https://deanlee.info/essays/ai-venture-market-priced-by-access/
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