One quarter. Three months. $297 billion into AI startups.

All of last year was a record at $425B. Q1 alone is on pace to nearly triple that.

At some point the question isn’t “is AI overfunded” — it’s “what happens when a meaningful fraction of these bets don’t return.” The answer is probably: a lot of people lose a lot of money, a few technologies stick around, and the narrative shifts to “the real AI” coming next.