Leaders | The “Towering Inferno” of capital There is a dark side to the model-maker’s stunning growthPhotograph: Getty ImagesStockmarket investors may have ended the year worried about the bubbly valuations of generative-AI firms. But private markets still appeared to be living in a parallel universe. In 2025 the venture-capital (VC) industry poured $150bn into big AI startups such as OpenAI and Anthropic, far more than beneficiaries of the previous VC boom received in 2021. Such is its confiden...