A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Fears of an artificial intelligence bubble roiled the stock market in February, but investment firms of ultra-wealthy families still made bullish bets on high-flying AI startups.
For instance, Laurene Powell Jobs’ investment and philanthropy firm Emerson Collective joined a $1 billion fundraise for AI developer World Labs last month. World Labs’ first product, Marble, allows users to create and edit 3D world models with text and image prompts. And Indian billionaire Azim Premji’s namesake family office also participated in a $315 million Series E round for Runway, an AI video generation startup.
In February, family offices made 41 direct investments in companies, nearly all associated with AI, according to data provided exclusively to CNBC by private wealth platform Fintrx.
