It’s all happening in AI (and, yes, that’s a Simon and Garfunkel reference).

And if that’s an exaggeration, it barely feels like one: In Q3, AI amounted to 39.5% of deal count, a record, according to PitchBook. AI is sending U.S. dealmaking trends up, as PitchBook estimates that deal count is up about 8% this year, marking the third most active year of the last decade. And when it comes to deal value, the numbers are even more dominant: By Q3 2025, 64.3% of deal value in the U.S. has tracked to AI. Now, the definition of “AI” is pretty broad, but a now undeniable reality has taken hold.

“I think AI has basically become the foundation of VC,” said Kyle Stanford, PitchBook director of U.S. venture research, via email. “It provides a wholly new way for companies to solve challenges, and it

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