Artificial intelligence start-ups are attracting record sums of venture capital, but some of the world's largest investors warned that early-stage valuations are starting to look frothy, senior investment executives said on Friday.

"There's a little bit of a hype bubble going on in the early-stage venture space," said Bryan Yeo, group chief investment officer at Singapore sovereign wealth fund GIC , as part of a panel discussion at the Milken Institute Asia Summit 2025 in Singapore.

"Any company start-up with an AI label will be valued right up there at huge multiples of whatever the small revenue (is)," he said. "That might be fair for some companies and probably not for others." In the first quarter of 2025, AI start-ups raised $73.1 billion globally, accounting for 57.9 per cent of al

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