VCs deploy ‘kingmaking’ strategy to crown AI winners in their infancy

This is textbook late-cycle behavior. When everyone's got capital, you get winner-take-most funding. Fine. But "infancy"? Most of these models are 3–4 years old, booked, shipping. Infancy ship sailed.

Real tells come in 2–3 years when half these crowned winners get acquired cheap, wind down, or pivot to something that actually makes money. VCs are pricing in one bet going vertical to $100B. Maybe one does. Rest become acqui-hires.

Kingmaking works. But the graveyard fills faster than the crown grows.