A picture is emerging in the early days of the AI age: Investors have grown more selective, but rising valuations show that VCs believe many of these young, lean startups are poised for explosive growth in the years to come.

Explore key trends across stages and sub-sectors in this detailed breakdown that highlights why healthcare investors typically require a bigger piece of the pie.

Early-stage investors say that this change is symptomatic of larger transitions underway in the venture market, including an expansion in the number of solo GPs and other emerging managers.

In the first weeks after the initial tariff announcement, dealmakers proceeded with caution. More recently, however, spending in the merger market has been revving back up.

The new global tariff policy by the U.S. and ongoing negotiations have begun to change the way that some early-stage investors are approaching deals. But the global machine of startup fundraising is still churning along.