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Venture capitalists are pushing a lot of cash into artificial intelligence and machine learning technologies, more than doubling the investment into virtual reality technologies in 2016, according to PitchBook data via the National Venture Capital Association.

Why it matters: U.S. investors want an edge on the development of next-generation technologies that center around AI, including self-driving cars. Other countries such as China are also charging ahead.

Expand chart
Data: PitchBook; Chart: Chris Canipe / Axios

President Trump yesterday told venture capitalists and emerging tech company execs that his administration wants to help "unleash the next generation of technological breakthroughs that will transform our lives and transform our country, and make us number one in this field." The White House gathering was largely focused on drones, 5G wireless technologies and connected devices.

Big bets: AI technologies have also captured the mindshare of the biggest tech companies such as Google, Facebook and Amazon who are investing a lot of research and development resources into machine learning, deep learning and neural networks. AI-related technologies are at the core of emerging systems like self-driving cars. In 2016, there were 322 deals worth a total of $3.6 billion in investment into AI and machine learning companies, compared with only 31 such deals in 2007.

Virtual reality and augmented reality are also attracting investments, but those applications are seen as more narrowly tailored for specific uses, as opposed to the mass adoption potential seen for AI. There were 99 deals worth a total of $1.485 billion in this area in 2016, up from 23 deals in 2007.

Go deeper

Biden will reverse Trump's attempt to lift COVID related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

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