Why are there so few AI-relevant startups?

The advanced AI models that have been in the news lately are all from Big Tech who can afford to spend 100 millions in electricity, chip, and talent costs. But I don't understand why there are so few startups that are relevant in the AI space. I thought the venture capital space would jump on this by now. Especially when you consider that AI can be advanced without spending a ton of money.<br><br>&#x200B;