According to the Crunchbase News AI report, the funding landscape appears to be less about foundational model development and more about applied AI tooling and infrastructure. This shift may reflect a market correction, where investors are betting on companies that promise to operationalize and monetize existing models rather than chase the next LLM breakthrough. In our view, the risk is that capital saturation in these adjacent layers could lead to a crowded field of undifferentiated 'AI-enabled' solutions, forcing a harsh consolidation once enterprises grow more discerning about what actually delivers ROI beyond the buzzword.