Where billionaires' investment firms placed their bets in November (www.cnbc.com)

In November, investment firms linked to billionaires like Jeff Bezos and Bernard Arnault continued to focus on AI health-care startups despite a general slowdown in deal-making among family offices. Notably, Bezos Expeditions co-led a $106 million investment in Profluent, a biotech company leveraging generative AI for gene editing, while Arnault's Aglaé Ventures participated in a $298 million round for Function Health, which specializes in regular lab testing for disease tracking and early detection. This trend underscores a growing belief among high-net-worth investors that the health-tech sector offers significant opportunities within the AI landscape. The significance of these investments lies in the strategic pivot of family offices towards health technology, an area nearly two-thirds of surveyed global family offices view as poised to benefit extensively from AI advancements. This investment shift comes amid broader concerns about a potential AI bubble, as raised by Bezos, who likened it to the biotech boom of the 1990s. He expressed optimism that, similar to past technological breakthroughs, the enduring benefits of AI in health care will ultimately lead to substantial societal gains, as evidenced by the investments in companies like Hippocratic AI, valued at $3.5 billion and focused on non-diagnostic health services.