Venture funding surged back toward all-time highs, with nearly half of it concentrated in just a handful of frontier AI labs. Then the euphoria peaked. An MIT study2 claiming that 95% of generative AI initiatives fail rattled markets over the summer, exposing how quickly sentiment could shift beneath the weight of AI’s massive capex spend. The whispers of a bubble became a din. The concerns aren’t unfounded given the magnitude of the numbers being thrown around. But the demand side tells a different story: Our latest market data shows broad adoption, real revenue, and productivity gains at scale, signaling a boom versus a bubble.
