AI Research
The reports worth your hour: investment-bank research, VC state-of-AI decks, lab and academic papers, each with an AI Lounge summary and the three numbers to remember.
State of AI Report 2026 (Air Street Capital, October 2026): OpenAI and Anthropic near $105B combined run rate
OpenAI and Anthropic reach combined $105B annualized run rate; Chinese open-weight models surpass American citations
Report
a16z State of Markets II: 100+ charts on tech and markets in the first half of 2026
AI capital cycle dominance reshapes tech market winners between public and private sectors
Market deck
2026: The State of Consumer AI (Menlo Ventures, September 2026): consumer AI spend tripled to $40B
Consumer AI spending tripled to $40B globally, driven by monetization of existing users rather than new adoption
Survey
PitchBook Q2 2026 AI Report: $407B raised in H1 as megadeals dominate
AI startups raised $407B in H1 2026, doubling 2025 totals with megadeals dominating
Quarterly report
ICONIQ State of AI 2026: how 300+ software companies are turning AI features into real businesses
Vertical AI dominates at 43% adoption while companies expect gross margins to reach 59% by 2027
Survey report
Prosus: The Coming Age of AI Colleagues, what 60,000 AI agents across its companies actually do
60,000 deployed AI agents reveal power laws, seniority levels, and a playbook for scaling agentic AI across organizations
Research report
PitchBook: The State of Consumer AI, the asset class is a bet on 10 companies
Consumer AI value concentrated in ten companies holding nearly 80% of total unicorn valuations today
Research report
WEF & Stanford GSB: The Future of Venture Capital, unlocking liquidity and growth in the AI era
AI fundamentally reshapes venture economics through faster development cycles and AI-enabled investment capabilities.
Insight report
PitchBook's 25-layer map of the AI investment stack
AI investment flows across 25-layer technology stack from chips through applications and agents
Analyst note
