An AI server assembly station is displayed at the Century

AI Took About 80% Of Global Venture Funding Last Quarter: Thin Wrapper Apps Were Not The Winners

The largest U.S. technology IPO since Uber's 2019 debut closed its first trading day last Thursday at a 68% gain, and the company behind it — AI chipmaker Cerebras Systems — had almost nothing to do with large language models. The May 14 Cerebras debut, which raised $5.55 billion at a price of $185 per share, is the exclamation point on a Q1 2026 funding landscape that has already redrawn the map.