One signal

Investors in private technology remain keen on AI inference and defence start-ups even as public markets fret about AI-related borrowing and chip-share losses, The Information says. The contrast emerged at Morgan Stanley’s private-tech conference in California, where its technology equity chief described a stark gap between public and private markets.

It is a snapshot of investor mood, not proof that private valuations are sound or that the AI boom is buckling. Still, the enthusiasm suggests the appetite for funding AI businesses has not yet caught up with public-market nerves. One eyebrow-raising detail: the source says investors were aware of the market sell-off and kept seeking out founders.

Discuss: Does private-market enthusiasm for AI inference look like confidence in real demand, or a warning that investor optimism is lagging public-market risks?

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