Bloomberg: Sự gia tăng đầu tư vào AI làm gia tăng sự chênh lệch trên thị trường VC, các quỹ nhỏ gặp khó khăn

The Bloomberg report states that the current venture capital market is undergoing significant structural divergence. As capital concentrates among top-tier artificial intelligence startups, numerous mid- and small-sized venture funds are facing severe challenges, including difficulty raising capital, declining performance, and narrowing exit channels. The report highlights that excessive enthusiasm for AI has distorted the venture capital market. Data shows that just five companies—OpenAI, Anthropic, xAI, Waymo, and Nscale—accounted for 78% of all venture capital deal value in the first quarter of this year. Capital has flowed heavily toward a handful of top investors who made early bets on AI, such as Founders Fund and Andreessen Horowitz, while smaller emerging fund managers struggle to compete with these leading institutions. This divergence is directly reflected in fundraising data. Last year, newly established management firms (managing three or fewer funds) raised only about $62 billion, a roughly 60% decline compared to $163.4 billion raised during the pandemic peak in 2022. Even experienced management teams raised only $84 billion last year, just one-third of their 2022 total. Many LPs are under liquidity pressure and are increasingly prioritizing returns from existing investments over committing new capital.