VC

A major part of VC funding has gone into AI start-ups.

“That was why there were different points of view on whether we should automate and how much. What about the human touch? But the world is moving to automation with or without us. The assumption we have to make is that every other VC firm will do this.”

As of Sept. 30, they had spent about $14.2 billion across 549 European AI and machine-learning VC deals this year, up from $11.7 billion in all of 2024, PitchBook data show.

Excluded from the VC world, ordinary investors are mostly invested in AI via funds that have a slice of their money in private companies such as OpenAI, or through Big Tech companies that are dedicating more of their cash piles to AI research and holdings in private AI firms.

WSJ: What’s your take on the overall VC asset class?