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  "notes": "The chart shows a dual-axis representation of VC deal volume and count from 2015 to 2025.",
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      "text": "Yes – around 60% of global VC went to AI last year",
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      "text": "Al-related firms captured most VC funds last year at around 60% of global VC funding share, up from 30% in 2022. Like other parts of the dealmaking space, Al-related megadeals dominated. Valuations of Al foundational and LLM-related companies remain the most heavily funded category in the second half of 2025—the top ten unicorns enjoyed more than 50% of overall value, up from a modest 18.5% in 2022. Valuations bifurcated as market conditions shift. Al-related companies are also enjoying a valuation premium between ~40% and 50% depending on funding round (valuation premia increases the later the funding round). Startups that have last raised in 2021 and 2022 are trading at >50% discount, while the average firm that last raised in 2023 is trading at a 19% discount.",
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      "text": "Note: Excludes deals <USD 1bn and real estate/services. Source: Pitchbook, OECD, UBS, as of 25 March 2026",
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      "text": "Is AI crowding out VC funding for everything else?",
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