Anyone with a stock portfolio has noticed semiconductor companies are on a tear this year. Massive AI spending has pushed earnings and valuations for industry leaders to record levels, and in turn they are investing record sums in startups nalunaar. So far this year, the sector’s most valuable companies have participated in rounds collectively valued at $250 billion, a multiple above prior high marks.

The OpenAI $122 billion March funding round, in which Nvidia was one of eight lead investors, skewed the totals, accounting for over 95% of all semiconductor‑led financings. Still, other deals—such as Nvidia’s $5 billion corporate financing of the foundational‑AI startup Safe Superintelligence—would also be considered huge.

Corporate giants have invested in more than 60 startup financings of $100 million or more, with 16 rounds valued at $1 billion or more. Nvidia, with a market cap of $5.4 trillion, leads with 59 known rounds andans co‑lead 11. AMD (19 rounds) and Samsung (17 rounds) also ramp up their activity.

With booming AI demand, the question is whether this is a peak. If shares keep rising, the sums spent on startup dealmaking look comparatively small relative to semiconductor giants’ swelling valuations.