Playground Global, a venture firm that has shunned software for a decade, closed a $475 million deep‑tech fund to back startups in semiconductors, quantum computing and energy. Founder Peter Barrett says the industry finally recognizes that silicon underpins AI.

The firm’s thesis centers on turning scientific breakthroughs into market value. Barrett cites Psi Quantum and Manifold Bio as examples, noting the latter’s $2 billion deal with Roche and the former’s ambition to build million‑qubit machines.

With AI driving a scramble for chips and data‑center capacity, Playground’s focus on physical infrastructure signals a broader shift in venture capital. The move underscores that future growth hinges on hardware and energy, not just software, and that capital must follow these tangible foundations.