A decade ago, the future looked bright for tech companies outside of Silicon Valley.
American investors were suddenly waking up to opportunities overseas, and allocating money accordingly. Venture firms that had once focused almost exclusively on Silicon Valley were now chasing deals in Beijing, Bengaluru, Jakarta, and São Paolo — kicking off a nearly decade-long golden age for global startups. That year, for the first time, private companies outside the U.S. raised more than American companies.
But in 2026, that window appears to have closed, writes Issie Lapowsky in our latest feature article. Investment trends have flipped back: In 2024, the U.S. once again seized the top spot for startup funding, outpacing all other countries on the planet combined. Last year, the gap grew even wider. Much of those investment trends have to do with a single, increasingly all-encompassing technology: artificial intelligence. | 
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