AI is everywhere in the funding narrative, but behind the noise, investment decisions have become more selective, more disciplined, and harder to predict from the outside. This session looks at what is really driving funding decisions now. Over the past 12–18 months, the market has shifted. The gap between what gets attention and what actually gets funded has widened, and the expectations placed on founders have changed with it. A central tension sits around AI itself. Is it a feature, an enabler, or the foundation of a business? Investors are increasingly looking beyond the label, focusing on where real value sits, how defensible the proposition is, and whether there is substance behind the narrative. At the same time, the balance between growth and profitability is being reassessed, with a sharper focus on sustainability and execution. The discussion will also explore where founders often get it wrong, particularly when pitching AI-led businesses, and how technical depth is being weighed against storytelling. Early signals matter more than ever, especially before traction is fully visible, and understanding what those signals are can be the difference between momentum and silence. Bringing together perspectives from venture, growth investment and founders who have been through the process recently, this panel offers a grounded view of what is actually happening in the market now. What would make an investor say no to something that looks like a great AI business?