Radical Ventures: AI neolabs, many lacking products, markets, or revenue, raised $24B in the past two quarters, nearly 5x OpenAI and Anthropic pre-ChatGPT
THE SO WHAT
$24B into early AI neolabs with little revenue is a classic capital overshoot—talent and GPU hoarding now, consolidation and down-rounds later. Operators should expect aggressive hiring and pricing from these labs in the near term, but design their roadmaps assuming many of these vendors will not remain independent in 24–36 months.
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