To my surprise, the recent boom in artificial intelligence investments has done little to dig U.S. venture capital funding out of its hole.

VC funding decreased in the second quarter, which ends tomorrow, according to new data provided to The Information by Crunchbase. U.S. startups raised just $27.6 billion compared to $45.2 billion in the first quarter, representing a roughly 40% drop. Compared to the same period last year, it’s an even more substantial plunge of 55%.

In total, U.S. startups have raised $73 billion so far this year, indicating that 2023 fundraising won’t even come close to last year’s $215 billion raised, which itself saw a big drop from 2021, a record-setting year. There are reasons to be positive, though.