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Big Tech is spending more than VC firms on AI startups

NewsTech

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Reading time: 1 min.
A string of deals by Microsoft, Google and Amazon amounted to two-thirds of the $27 billion raised by fledgling AI companies in 2023,

Enlarge / A string of deals by Microsoft, Google and Amazon amounted to two-thirds of the $27 billion raised by fledgling AI companies in 2023, (credit: FT montage/Dreamstime)

Big tech companies have vastly outspent venture capital groups with investments in generative AI startups this year, as established giants use their financial muscle to dominate the much-hyped sector.

Microsoft, Google and Amazon last year struck a series of blockbuster deals, amounting to two-thirds of the $27 billion raised by fledgling AI companies in 2023, according to new data from private market researchers PitchBook.

The huge outlay, which exploded after the launch of OpenAI’s ChatGPT in November 2022, highlights how the biggest Silicon Valley groups are crowding out traditional tech investors for the biggest deals in the industry.

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