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Private Money vs Public Talk on AI
AI companies’ share of U.S. private venture money, SEC Form D, trailing four quarters, % (top), and AI mentions per S&P 500 earnings call, trailing 90 days (bottom)
Top: Palanor calculation from SEC Form D filings (public domain); AI companies are Palanor’s classification, and the largest AI labs raise mostly without a Form D. Bottom: Palanor Discourse, substantive mentions of AI, generative AI, agents or LLMs per S&P 500 earnings call. Two measures on their own scales; the chart shows timing, not that one causes the other.
Where private investors put their money beside what public-company managements say. The top panel is AI companies’ share of the money U.S. private companies raise; the bottom is how often S&P 500 managements mention AI on earnings calls.
What this chart reads
- AI Companies' Share of U.S. Private Venture Money (SEC Form D, trailing four quarters)as “Share of private money”latest 2026-07-01
- AI Mentions per Call (Discourse)as “Mentions per call”latest 2026-10-22
Sources
AI Companies' Share of U.S. Private Venture Money (SEC Form D, trailing four quarters). Source: Palanor calculation from SEC Form D filings (U.S. Securities and Exchange Commission, Form D data sets; public domain) and EDGAR filing indexes. The AI classification is Palanor's.
AI Mentions per Call (Discourse). Source: Palanor derives this signal from management discourse documents. The source is discourse; the series identifier is discourse.mentions.ai.
Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.