人工智慧的熱潮進一步扭曲了風險投資市場，絕大部分資金流向了支持頂級人工智慧企業的少數頂尖投資者。這種資源集中的現象讓新興或規模較小的基金難以在種子輪競爭中脫穎而出，導致他們的募資總額較疫情高峰期大幅下降，同時也讓表現最佳與最差的基金之間的績效差距顯著擴大。
受到市場重心轉移的影響，過去五年在企業軟體和金融科技領域獲得極高估值的新創公司，如今卻面臨退出選項有限的困境，被業界稱為缺乏成長動能的「殭屍獨角獸」。由於買家變得更加挑剔且首次公開募股之路更為艱難，這些曾經輝煌的企業現在只能被迫接受估值縮水，或是勉強維持營運直到被折價收購。（關鍵數字： five years）
Venture capital firms are facing severe challenges in raising new funds as investors strongly demand liquidity and returns from previous funds before committing new capital. This puts immense pressure on smaller and sector-focused venture managers, forcing some major European investors to shelve billion-dollar growth fund plans in favor of smaller targets or extended investment periods.
The artificial intelligence boom has further warped the venture capital market, with the vast majority of money flowing to a handful of top-tier investors backing major AI companies. This concentration of resources makes it exceedingly difficult for smaller and emerging funds to compete in seed rounds, resulting in a drastic drop in their fundraising compared to pandemic peaks and widening the performance gap between the best and worst funds.
Driven by this market shift, startups in enterprise software and fintech that achieved massive valuations over the past five years now face limited exit options, becoming known as "zombiecorns" lacking the growth to support their worth. With buyers becoming increasingly selective and the path to an IPO toughening, these once-prominent companies are forced to accept lower valuations or limp along until acquired at a discount.