The Investors Sitting Out the Latest AI Wave—So Far

Paul Madera’s venture capital firm, Meritech Capital, amassed big returns from betting on private companies such as Facebook and Salesforce that helped power previous technological shifts. But Madera has been steering clear of the tech shift that currently promises to transform the world: generative artificial intelligence.

Meritech is one of a number of late-stage investors, including TCV, General Atlantic and Blackstone, that have stayed on the sidelines as $25.6 billion has poured into generative AI startups since the start of …

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