Interesting collection of charts from Tom Tunguz, breaking down US VC investment into rounds. Two arguments here: 1) all SaaS companies have AI in them anyway, so this tells us nothing, or 2) AI first companies will eat traditional SaaS, with disruption occurring at the business model level (see Kestenbaum’s post earlier). Whichever case, companies with investment as not funnelling the money into payroll as much as they were - it is going into compute, not headcount.
