I think the essay could have been significantly shorter if you concentrated on this issue alone. US VC investment reached $340B in 2025 (about 60% of the global capacity) while it was only $58B in Europe according to Crunchbase, and the visible part of the Chinese VC market is even smaller.
Lots of ink has been spilled on the reasons why, but suffice to say, it’s nowhere near enough to train on scale in the second half of 2026, and European taxpayers don’t want state-funded AI programs either
I think the essay could have been significantly shorter if you concentrated on this issue alone. US VC investment reached $340B in 2025 (about 60% of the global capacity) while it was only $58B in Europe according to Crunchbase, and the visible part of the Chinese VC market is even smaller.
Lots of ink has been spilled on the reasons why, but suffice to say, it’s nowhere near enough to train on scale in the second half of 2026, and European taxpayers don’t want state-funded AI programs either