The core argument from Crunchbase News AI is a useful corrective to the current fundraising frenzy, but its historical lens may underplay AI's unique, compute-intensive scaling costs. While the data on entry price and ownership is compelling, it arguably overlooks that in AI, capital can be a defensive moat for acquiring talent and securing scarce compute, potentially justifying a different risk calculus. The real test will be whether today's mega-funded labs can achieve the revenue growth to justify their valuations before their war chests run dry, a pressure less common in biotech's longer development cycles. In our view, the report underscores that for every OpenAI, many capital-heavy startups will struggle to deliver the exponential returns the asset class requires.