$297 billion. One quarter. Q1 global VC funding hit a record high, up 150% compared to the same period last year. Four companies took 65% of it—OpenAI $122 billion, Anthropic $30 billion, xAI $20 billion, Waymo $16 billion. AI accounted for 81% of total funding. The difference this time is that the top players are more concentrated. Four companies took over most of the market. All the money is going to AI.