Venture fund backers cheer AI bets but flag a 'yellow light'

Limited partners who supply capital to venture firms say they are upbeat as valuations of OpenAI and Anthropic soar, with nearly everyone piling into the same two companies despite the industry's convention against conflicting bets. They expect a bonanza, but describe the moment as a 'yellow light' and are uneasy about how quickly VCs are returning to raise fresh funds.