Venture-capital data show that AI-focused startups have raised roughly US$192.7 billion by Q3 2025, eclipsing the funding raised by any other technology sector and marking a majority share of global VC investment this year. The surge reflects growing investor confidence in generative-AI and enterprise-AI models, even as some non-AI segments warn of an ‘innovation winter’. Analysts caution that while funding levels are historic, valuations and eventual returns will need discipline amid increasing competition and model-stack commoditisation.