AI startups are stockpiling liquidity. Global AI companies raised a record USD 150 bn in 2025, building multi-year funding cushions to brace against a possible sector downturn as investors grow wary that the boom could falter, the Financial Times reports.

The buffers aren’t evenly spread: A handful of mega-rounds — OpenAI’s USD 41 bn round, Anthropic’s USD 13 bn round, and Meta’s USD 14 bn investment into Scale AI — did most of the work, concentrating firepower among a small group of perceived outperformers, as investors look to tap into more certain ventures.

Those leaders now sit on four to five years of runway, far above historical norms, after locking in capital at peak valuations. Rather than the usual break of several years between funding rounds, AI heavyweights have only been waiting a few months recently before raising more capital — partially as a result of costly operational needs.

The playbook has shifted from scaling fast to staying above water. Investors are pushing founders to raise early and raise big, even at the cost of dilution. “When the market is providing the option, build a fortress balance sheet,” said Lucas Swisher of Coatue.

Liquidity doubles as leverage: Deep war chests let top firms outspend rivals on talent, compute, and infrastructure — and move fast on consolidation if sentiment turns. “It’ll be like an acquisition a week the minute there’s a spook in the public markets,” said Jeremy Kranz of Sentinel Global.

Why this caution makes sense: The AI boom rests on fragile plumbing, from self-reinforcingBig Tech financing loops to off-balance-sheet infrastructure funding that obscures leverage.

MARKETS THIS MORNING-

Asia-Pacific markets are having another mixed morning on the second-to-last trading day of the year. Japan’s Nikkei is slightly in the red in early trading, while Hong Kong’s Hang Seng Index is in the green, and the Shanghai Composite is essentially flat. Across the pond, it’s looking decidedly more red, with US futures suggesting the Dow Jones, S&P 500, and Nasdaq will all open lower later today.

ADX

10,061

+0.3% (YTD: +6.8%)

DFM

6,137

+0.1% (YTD: +18.9%)

Nasdaq Dubai UAE20

4,933

+0.3% (YTD: +18.5%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.7% o/n

3.6% 1 yr

TASI

10,490

+0.7% (YTD: -12.9%)

EGX30

41,732

+0.3% (YTD: +40.3%)

S&P 500

6,906

-0.4% (YTD: +17.4%)

FTSE 100

9,867

0.0% (YTD: +20.7%)

Euro Stoxx 50

5,752

+0.1% (YTD: +17.5%)

Brent crude

USD 61.94

+2.1%

Natural gas (Nymex)

USD 3.95

-0.9%

Gold

USD 4,357

+0.3%

BTC

USD 87,125

-1.3% (YTD: -6.7%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.81

+1.3% (YTD: +9.4%)

S&P MENA Bond & Sukuk

151.73

+0.1% (YTD: +8.4%)

VIX (Volatility Index)

14.20

+4.4% (YTD: -18.2%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 314.1 mn. The index is up 18.9% YTD.

In the green: Al Salam Sudan (+14.9%), United Foods Company (+5.8%) and Dubai Islamic Ins. and Reins. Co. (+2.9%).

In the red: Watania International Holding (-4.8%), Islamic Arab Ins. Company (-4.0%) and Takaful Emarat (-3.2%).

Over on the ADX, the index rose 0.3% on turnover of AED 2.6 bn. Meanwhile, Nasdaq Dubai was up 0.3%.

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