Two things are clear after the World Economic Forum in Davos: longstanding American allies are growing skeptical of our nation’s leadership and simultaneously cannot stop imagining the possibilities of American-designed artificial intelligence technology.
Nearly every panel at Davos this year focused on how AI is transforming society. It’s no surprise why. In the venture capital world, 2025 was one of the biggest on record with about 70% of all deals going to AI companies. We have a different view. The checks were bigger, but there weren’t as many of them. In fact, the closing months of 2025 saw the fewest individual venture deals of the last 20 quarters. That could mean there are fewer people starting new companies, fewer new ideas entering the economy, and fewer jobs for those who need them. This is no recipe to Make America Great Again; in fact, it’s how we Make America Less Dynamic Again.
