Artificial intelligence continues to dominate venture capital checks and checks, but a new report by Silicon Valley Bank (SVB) warns a growing gap in the start-up ecosystem before increasing the AI ​​investment. Many non-AI ventures that were hardened by capital and so-called zombiecorns.

According to the SVB report of the State of Enterprise software published on Tuesday, AI-focused venture funds made 40% of all US VC donation campaigns in 2023, compared to only 10% two years ago. In Enterprise software alone, KI startups attracted 45% of the investments compared to only 9% in 2022.

Much of this is powered by Megadeal’s financing rounds of $ 100 million or more, whereby AI -Giants such as Openaai and Anthropic capture almost half of all cash collected in this category.

“Exclude the AI ​​investment and the story changes,” warns the report. “There is no sensible increase for companies that do not use AI, although the investments of this group are essentially flat last year.”

The wider market continues to suffer from strict exit conditions, a hangover from the inflation spurt and interest rate increases that started at the end of 2021. While there are signs of life on the Tech -Po market -Etoros recent Nasdaq debut and the upcoming list of listing from Hingse Health, there is an encouragement -dynamics remain much concentrated in AI.

In its first winning report, the AI ​​infrastructure company CoreWeaven, for example, recorded a sales growth of 420% as a stock corporation and sent its shares by 56% in a week. But similar IPO successes remain only a few and far apart, especially outside the AI.

Many of the biggest AI players, including Openaai, Anthropic, confusion and Skala-KI, have no immediate plans to go to the stock exchange, even though they master private reviews with Sky-Hohen Reviews. Her continued appetite for billions of infrastructure investment-without short-term returns HAT made it difficult for the risk companies to make profits, and left little to support startups in other sectors.

This imbalance has contributed to promoting the increase in the “zombiecorn” – a term SVB that describes startups that have increased significant capital, but there is no sustainable sales growth or sustainable business models.

“Many run the risk of landing in no country,” the report says.

Tom Glason, CEO and co-founder in a scaled, said the report shows a growing problem in the AI ​​investment boom.

“The SVB report emphasizes a tough truth: The AI ​​boom has heated up a wave of over -financed startups that look healthy on the surface, but are commercially hollow underneath,” said Glason. “These so -called” zombiecorns “make large rounds, but do not build sustainable income or viable economies in unity.”

Glason argues that too many founders confuse capital that is spent on the market traction-a costly mistake in a market that is increasingly demanding disciplined strategies for the market, not just the product hype.

“The gap expands between well-financed AI startups and those who are actually scaled,” he added. “Growth alone is not on the market.

The hope that President Trump’s return to the White House would increase the start -up scene through tax reductions and deregulation were alleviated by his new, aggressive new tariff policy announced in April. Several companies have already postponed planned stock markets in response to uncertainty.

SVB, part of the First Citizens Bank today after its collapse in 2023, concludes the report with the statement that a return to the robust exit activity is of essential importance in order to reinforce venture returns and to fire the next wave of starting growth.

At the moment, however, AI remains the hottest ticket in the city – but one thing that increasingly burns the risk of burning those who confuse the financing for basics.