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The extreme concentration of AI unicorns in the Bay Area (91%) is a result of the tribal, local nature of early AI breakthroughs and the proximity to specialized capital.

Impact: Reinforces the regional moat of Silicon Valley, making it harder for non-local startups to access early-stage insights.

— from The AI M&A Surge: xAI, Anthropic and Agentic Infrastructure · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch· Apr 23, 2026