◇AI Captures Emerging-Market Tech Capital

Outside the US and China, generative AI is absorbing most private tech funding and reaching mass consumer adoption faster than earlier digital waves. Expect recurring regional data showing AI's share of venture capital rising, non-AI digital startups facing a funding drought, and governments and sovereign investors such as Temasek steering capital toward AI applications. The result is high valuations for AI-application firms and a scarcity discount on everything else.