Are AI startups just GTM for OpenAI? Moats, margins, and moves
What Changed and Why It Matters AI startups rode an API wave. Many launched as thin wrappers on foundation models from OpenAI, Anthropic, and Google. The result: fast demos, fragile…
Inside the $18B Moonshot to Lead Frontier AI: Perplexity and Power
What Changed and Why It Matters Perplexity reportedly raised funding at an $18B valuation. That single data point reframes the race. The frontier isn’t just model quality. It’s distribution, compute,…
Hot AI rounds, smaller VC stakes: inside the new venture math in 2025
What Changed and Why It Matters AI funding didn’t just bounce back in 2025. It restructured around fewer, bigger winners. Competition for access is forcing VCs to accept smaller ownership…