Total capital invested ($B) in AI / ML in Europe and US, 2014 to 2023 Europe US 50 40 ) B $ ( d e t s 30 e v n i l a t i p a c f 20 o n u o m A 10 0 4 15 6 17 8 9 0 1 2 D 1 0 1 0 1 1 2 2 2 T 0 2 0 2 0 0 0 0 0 Y 2 2 2 2 2 2 2 3 2 0 2 Notes: Data is as of 30 September Sources: Powered by 2023. Excludes the follow- ing: biotech, secondary transactions, debt, lending capital, and grants. AI capturing greater share of total investment As a consequence of AI investment defying the broader downturn in total capital invested in European tech, AI’s share of total investment spiked to an all-time high in 2023, climbing to 17%. Again, the data makes it clear that AI has been an important feature of European investment themes for many years, consistently account- ing for more than 10% of total investment over the last 昀椀ve years. What is also notable is that the gigantic sums invested in US AI leaders, such as OpenAI and Anthropic, in the last two years has resulted in a widened gap between Europe and the US’s relative share of investment in AI in 2023. In the US, AI investment accounted for 30% of total tech investment, almost double the level seen in previous years. | 142