Only about 10 companies can afford to train foundation AI models—OpenAI, Anthropic, Google, Meta, a few Chinese firms. But above that layer, there’s an exciting ecosystem of AI application companies like 11 Labs for voice, Gamma for design, and coding tools like Lovable, which became the fastest company ever to hit $100M in annual recurring revenue.
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Which Small AI Companies Are Worth Watching in 2025?
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