Philippe Botteripartner in Speed uplaunched the company GlobalScape Report on the WebSummit predominant stage in Lisbon, Portugal, where the report highlighted how much value in public markets has grow to be concentrated in a small group of elite firms and how rapidly the latest generation of homegrown AI firms is growing.
Accel is one of the three most energetic investors on the Crunchbase Unicorn Board. The Silicon Valley company has invested in 17 firms that have joined boardrooms amid the artificial intelligence boom this 12 months, in keeping with Crunchbase data.
Focused on the United States, Europe and Israel, GlobalScape’s report analyzed value growth in public and private AI-based firms and the capital expenditure required for continued growth over the next five years.
Here are some key findings from the report, which Botteri presented on stage in Lisbon, where Crunchbase News was also present.
Public market concentration
“Super Six” group of firms – Nvidia, Microsoft, Apple, Alphabet, Amazon AND Meta — represent almost half of the current Nasdaq market capitalization as of October 2025. This adds as much as $20.7 trillion.
“I don’t think we’ve ever seen this much concentration in the industry,” Botteri said. These six firms added $4.9 trillion in market capitalization from October 2025 to last 12 months and reported $600 billion in operating money flow in 2024.
Public cloud increased by 25%
Public Cloud Index, a select list of firms based in the US, Europe and Israel, built on the previous wave of cloud, including UiPath, GitLab, Palantir Technologies AND Figma since October it has increased by 25% year-on-year.
Botteri said all of those firms are adding agent features to their products. However, it is still early. “Models are probabilistic, so if you run a model 10 times in a row, given its probability, after 10 runs you will get a divergence.”
Botteri predicts that in 12 to 24 months, these tools will deliver higher results as management and security advances.
The next generation of native artificial intelligence
In terms of model and infrastructure, Accel’s notable investments include a generative artificial intelligence company Anthropiccreator of small models H Co.and publicly traded AI infrastructure provider Nebius Groupalong with quite a few investments on the application side.
The United States dominates the basic AI model, but there are also more specialized models – which don’t require tens of billions of dollars to develop – to which Europe can contribute, Botteri said, citing portfolio company H, which has developed a model for using a computer to take actions on a computer on a user’s behalf.
“In the app [side]“It’s a very level playing field,” he said. The company’s report shows that European and Israeli investments in artificial intelligence and cloud computing account for two-thirds of the size of the U.S. investment market, excluding model firms.
The next generation of native AI applications is developing at an unprecedented pace. Botteri listed several of Accel’s native AI portfolio firms, including the coding company Any spherecursor creator; AI search engine Embarrassment; Vibe coding startup in Stockholm Sympathetic; Business automation platform based in Berlin n8n; Synthesiswhich offers AI video creation for enterprises; and an Israeli security company White.
Energy deficiency
The report also indicated that over the next five years, the energy shortfall needed to deliver AI might be around 117 gigawatts, such as powering Italy, Spain and the UK combined, Botteri said. To give context to understanding the expansion required, a nuclear power plant produces 1 to 2 gigawatts of power.
The Super Six group of firms, which can invest a significant slice of this infrastructure over the next five years, are expected to generate roughly $5.5 trillion in operating money flow.
Boterri said operating money flow, along with debt markets, would go a great distance toward covering the $4 trillion needed to build that capability.
The report estimates that the revenue return for this infrastructure expansion must be $3.1 trillion, representing an increase of 1-2% of compound average GDP growth per 12 months.
“If you don’t think GenAI will generate 1-2% growth in global GDP, then I’m not sure why we’re doing all this,” Botteri said.