Tom Hulme, GV's European head, confirms the venture capital firm has invested over $1 billion in European startups since 2014, doubling down since 2023 with more than $600 million. He argues the AI investment cycle is rational despite soaring valuations, pointing to the rapid adoption of ChatGPT and the long-term value of infrastructure investments. Apple's $1.7 billion acquisition of Q.ai highlights the high stakes and potential returns in AI, though Hulme cautions that many companies will be overvalued, predicting a correction. The focus remains on Europe, where talent constraints drive investment towards hubs like London, despite some Silicon Valley peers pulling back.