Is venture capital becoming too concentrated?

To give everyone a closer look as to how. To your earlier point, Charles, like there's a sector of founders and companies that do not have a fundraising issue. Rob shared the CO2 chart showing that so far in 2025, 52% of venture capital dollars have concentrated into just 10 companies. Rob shared this to underscore his point on how consensus investments are absorbing most of the industry's attention in the face of a sluggish exit landscape, which leads to widespread price insensitivity. He had a good quote that was investors may as well swing only for grand slams because it's not like the hit rate of home run outcomes is significantly higher. One counterpoint to that may be isn't it still possible for winners to emerge from the remaining 48% of deployed capital into those other companies and.