<ul data-eligibleForWebStory="true"><li>Thinking Machines Lab raised a record-breaking $2 billion seed round without having a product, roadmap, or customer traction.</li><li>The investment signifies the increasing importance of Artificial General Intelligence (AGI) and the high cost of missing out on it in the tech industry.</li><li>The massive capital raise was driven by paranoia in the AGI race, where missing out on the winner could lead to becoming irrelevant.</li><li>The raise reflects a shift in early-stage funding in frontier tech towards backing teams with credibility and potential for future relevance rather than products or MVPs.</li></ul>

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