No product, no problem: investors place big bets on AI neolabs - Financial Times
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Investors are pouring billions into artificial intelligence startups despite many lacking finished products or clear business models. This reflects unbridled market enthusiasm where future promises command valuations far exceeding current realities.
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+ The cheap new AI model taking aim at OpenAI and Anthropic
+ David Beckham takes $51mn dividend as World Cup deals lift earnings
+ Pomp prevails over substance as Trump hosts Xi
+ Wall Street boutiques balk at Saudi Arabia’s HQ rules
+ EU urges UK to raise tariffs on Chinese cars to avoid ‘made in Europe’ barriers
* US
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+ US Home
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+ The cheap new AI model taking aim at OpenAI and Anthropic
+ David Beckham takes $51mn dividend as World Cup deals lift earnings
+ Pomp prevails over substance as Trump hosts Xi
+ EU urges UK to raise tariffs on Chinese cars to avoid ‘made in Europe’ barriers
+ Iran offers US new seven-day ceasefire proposal
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+ The cheap new AI model taking aim at OpenAI and Anthropic
+ David Beckham takes $51mn dividend as World Cup deals lift earnings
+ Wall Street boutiques balk at Saudi Arabia’s HQ rules
+ EU urges UK to raise tariffs on Chinese cars to avoid ‘made in Europe’ barriers
+ Peter Hargreaves: Britain cannot afford to lose more ‘big taxpayers’
* Tech
Sections
+ Tech Home
+ Artificial intelligence
+ Semiconductors
+ Cyber Security
+ Social Media
Most Read
+ The cheap new AI model taking aim at OpenAI and Anthropic
+ Can quantum turn ‘magic’ into money?
+ Oracle on the hook to pay data centre investors even if site has no electricity
+ The AI agent revolution has moved a big step closer
+ US intervenes in Elon Musk’s legal challenge to EU fine against X
* Markets
Sections
+ Markets Home
+ Alphaville
+ Markets Data
+ Private markets
+ Equities
+ Bonds
+ Currencies
+ Commodities
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Most Read
+ US mortgage rates breach 7% as affordability pressures mount
+ US long-term borrowing costs touch highest level since 2004
+ Private equity could revolutionise US lawyer pay, law firm bosses say
+ Five is the magic number for US Treasuries
+ French far left sparks backlash with debt ‘fire’ plan
* Climate
* Opinion
Sections
+ Opinion Home
+ Columnists
+ The FT View
+ The Big Read
+ Lex
+ Obituaries
+ Letters
Most Read
+ You want honesty, Andy? Britain is out of easy options
+ The AI agent revolution has moved a big step closer
+ Should an iced coffee really cost you the job?
+ How can we tackle AI’s financial risks?
+ Beyond the AI abundance delusion
* Lex
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+ Business School Rankings
+ Business Education
+ Europe's Start-Up Hubs
+ Entrepreneurship
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+ Should an iced coffee really cost you the job?
+ Enter slopfiling
+ Confessions of an accidental bonus basher
+ Curator’s pick: Grant Wood’s ‘American Gothic’ at the Art Institute of Chicago
+ On the rise: Edinburgh’s hot bakery scene
* Life & Arts
Sections
+ Life & Arts Home
+ Arts
+ Books
+ Food & Drink
+ FT Magazine
+ House & Home
+ Style
+ Puzzles
+ Travel
+ FT Globetrotter
Most Read
+ The man who has been walking home since 1998
+ Former US intelligence chief Avril Haines: ‘Trump trusts his gut more than the expertise’
+ Oilman Scott Sheffield: ‘We’re warming. I see it here in this ranch’
+ The King Under the Mountain: In Search of JRR Tolkien by DJ Taylor — the reluctant wizard
+ Alvaro Barrington talks taste
* How To Spend It
* Stocks Game
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No product, no problem: investors place big bets on AI neolabs
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!lex
What our readers say
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"Brief with no waffle, to the point and has real insight into the corporate world"
"Entertaining and often insightful in a way that’s different to most newsletters"
"It's topical and succinct - a timely and convenient round up of key stories"
"Expert, reliable, considered, actionable opinion"
"Brief with no waffle, to the point and has real insight into the corporate world"
"Entertaining and often insightful in a way that’s different to most newsletters"
"It's topical and succinct - a timely and convenient round up of key stories"
!Over one million readers pay to read the Financial TimesFind out why
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Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2026. FT (Financial Times) and ‘Financial Times’ are trademarks of The Financial Times Ltd.
The Financial Times and its journalism are subject to a self-regulation regime under the FT Editorial Code of Practice.
Edition:InternationalUK
Subscribe for full access
Top sections
* Home
* World
+ Middle East war
+ Global Economy
+ UK
+ US
+ China
+ Africa
+ Asia Pacific
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+ Europe
+ War in Ukraine
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+ Middle East & North Africa
* US
+ US Economy
+ US Companies
+ US Politics & Policy
* Companies
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+ Financials
+ Health
+ Industrials
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+ Professional Services
+ Retail & Consumer
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+ Telecoms
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* Tech
+ Artificial intelligence
+ Semiconductors
+ Cyber Security
+ Social Media
* Markets
+ Alphaville
+ Markets Data
+ Private markets
+ Equities
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+ Currencies
+ Commodities
+ Crypto
+ Monetary Policy Radar
+ Wealth Management
+ Moral Money
+ ETF Hub
+ Asset management
* Climate
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+ The FT View
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+ Lex
+ Obituaries
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* Lex
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