Global venture capital hit a record $300 billion in Q1 2026, with $242 billion — 80% of the total — flowing to AI startups. The quarter saw four of the five largest venture rounds ever closed: OpenAI raised $122 billion, Anthropic $30 billion, Elon Musk's xAI $20 billion, and Waymo $16 billion. The concentration is remarkable: a handful of AI companies captured capital that historically would have been spread across hundreds of startups in diverse sectors. For context, total global VC in all of 2022 was roughly $415 billion. Non-AI sectors now struggle to compete for investor attention, raising questions about portfolio diversity and bubble risk.