English’s outlook may seem surprising, given the aura of faded glory surrounding the local tech sector in recent years. But he is not alone. Despite gloomy news such as Texas — Texas! — surpassing Massachusetts in venture capital investment last quarter, founders, academics, financiers, and policy makers say innovation is alive and well as the region is generating the most buzz in years. Their reasons for optimism are reflected in the 2026 edition of Tech Power Players, The Boston Globe’ s annual list of the most influential and consequential people in the state’s technology industries. The list captures the strength of a sector that has operated on the leading edge for decades and continues to tackle some of the hardest problems and most complex technologies, while leaning into tectonic shifts such as artificial intelligence . Let’s start at the top. GE Vernova, led by CEO Scott Strazik , has become one of the best-performing companies in the nation as the energy equipment maker helps provide the huge amounts of power propelling data centers and artificial intelligence. As of early June, the Cambridge company’s stock had risen more than 40 percent since the beginning of the year and increased nearly sevenfold since its spinoff from General Electric two years ago, giving it the highest stock-market value of any public company based in Massachusetts . GE Vernova has become one of the best-performing companies in the nation as the energy equipment maker helps provide the huge amounts of power propelling data centers and artificial intelligence. John Tlumacki/Globe Staff Home-grown companies, such as DraftKings, Toast, and Klaviyo, have become publicly traded companies with stock market values in the billions, though their shares have fallen this year. Young firms such as robotaxi company Motional , AI music startup Suno , and fitness-tech company Whoop have raised hundreds of millions of dollars from investors and achieved multibillion-dollar valuations. The entrepreneurial ecosystem, meanwhile, is particularly energized. The Massachusetts AI Coalition , a recently launched alliance of local tech firms promoting AI startups, is attracting standing-room-only crowds to its events. The Martin Trust Center for MIT Entrepreneurship says applications for its accelerator program have doubled from last year. Nearly one-fifth of Massachusetts Institute of Technology undergraduates — about 800 students — attended a recent startup career fair. “I just don’t believe how many things are happening,” says English, also cofounder and CEO of consumer tech developer Boston Venture Studio. “I’m more bullish about Boston than I’ve been in the past 10 years.” So, where has the gloom come from? A lot has to do with a sense that Massachusetts has fallen far behind on artificial intelligence as the San Francisco Bay Area and a handful of big efforts such as OpenAI, Anthropic, and xAI sucked up huge amounts of money, talent, and buzz. But the game is really just starting, say local techsters. Take it from MIT President Sally Kornbluth, who says opportunities abound in what she calls “AI + X” — integrating AI into fields such as manufacturing, life sciences, and energy. “Massachusetts can absolutely lead in this next wave,” says Kornbluth. The state is already seeing successes. PathAI, which uses artificial intelligence to improve medical diagnoses, was recently acquired for up to $1.05 billion by the Swiss pharmaceutical giant Roche. Lila Sciences, which uses AI to speed scientific discovery, has raised $550 million and reached a valuation (by private investors) of about $1.3 billion. Blitzy, which develops AI apps to help some of the largest businesses in the world revamp and write software, recently became the region’s newest unicorn — a startup valued at $1 billion or more. Andy Beck, CEO and cofounder of PathAI, which was recently acquired for up to $1.05 billion by the Swiss pharmaceutical giant Roche. Suzanne Kreiter/Globe Staff As these startups show, AI has the potential to advance industries that drive the Massachusetts economy — from health care to finance to biotech — while opening opportunities for entrepreneurs who can use it to help enterprises do better, says Yvonne Hao, the former state economic development secretary and now general partner and chief operating officer of startup factory Flagship Pioneering . “If we do this right,” she says, “we can save people’s lives, make the world a better place, create big companies, and create jobs.” Such possibilities may seem elusive, given the dominance of Bay Area companies, which grabbed 95 percent of AI investment flowing to top technology hubs in the first quarter, according to the financial data firm PitchBook. But Greg Dracon, a partner at the VC firm .406 Ventures, says that the future doesn’t necessarily belong to giant — and expensive — models such as the ones that power OpenAI’s ChatGPT and Anthropic’s Claude. Many businesses don’t need all that AI firepower to improve operations, says Dracon, opening the door for smaller, less costly models. That could spell opportunity for companies such as MIT spinoff Liquid AI , which develops efficient AI models that can run on local computer networks, laptops, smartphones, and other devices. The company recently signed a deal with automaker Mercedes-Benz to embed Liquid AI’s technology into the onboard systems of cars sold in North America. How the AI race will play out is hard to know, Dracon and others say. Aman Narang, CEO of Toast, likens AI’s development today to that of the internet in the early 1990s , when email was a novelty, the idea of shopping online seemed reckless, and digital news was an afterthought. “It may take some time to where [AI] evolves to being really involved in our lives,” says Narang. “The companies that win in that space can be anywhere.” One of the places could be Greater Boston, says Mikey Shulman, cofounder and CEO of Suno, which taps local talent not only from top technology programs, but also top music schools, such as New England Conservatory and Berklee College of Music. Shulman’s Cambridge company, whose AI application allows anyone to compose and produce music , doubled its workforce to 200 over the past year and expects to add as many as 150 more jobs by the end of this year. Suno taps local talent not only from top technology programs, but also top music schools, such as New England Conservatory and Berklee College of Music. Jonathan Wiggs/Globe Staff “Just because another place is doing better, it doesn’t mean that Massachusetts has failed,” says Shulman. “Incredible things are happening in AI. There’s so much innovation here and the speed of that innovation is accelerating.” But speed of innovation needs power. Enter the state’s clean tech industry. The Somerville battery maker Form Energy has signed deals to build energy storage systems for the data center developer Crusoe and a Google data center in Minnesota . Google, meanwhile, has committed to buy 200 megawatts of electricity from a fusion power plant in Virginia being developed by another local big-swing startup, Commonwealth Fusion Systems of Devens . Fusion, the nuclear process that powers the sun, has the potential to provide almost limitless clean energy — if it could be made to work in a practical system. CFS, which employs more than 1,000 people, leads the emerging industry , having raised almost $3 billion, or about one-third of all capital invested in private fusion companies. Bob Mumgaard, cofounder and chief executive of CFS, says he couldn’t have built the company anywhere but Massachusetts. Access to university research and scientists is one reason. But another is the region’s expertise — acquired over decades — in engineering, designing, and manufacturing hardware and equipment. “The ecosystem has the building blocks,” says Mumgaard. “Massachusetts is the strongest in the nation in innovation in energy.” Bob Mumgaard, cofounder and chief executive of Commonwealth Fusion Systems, says he couldn’t have built the company anywhere but Massachusetts. Finn Gomez for the Boston Globe Ultimately, the local tech sector still faces major challenges — and not just from Silicon Valley, New York, or Texas. The Trump administration has slashed research funding , killed clean energy programs , and attacked immigration and universities , both key sources of talent. Local political leaders have yet to figure out the formula of cost, opportunity, and quality of life that might keep more young talent here — but they’re working on it. Eric Paley, the venture capitalist-turned-state economic development secretary , says he worries about all this, but finds inspiration in — of all places — coffee shops. There, he invariably hears people talking about big ideas, big questions — and how to find answers. Massachusetts, Paley says, “is where the most curious people in the world work on the hardest problems.” Take Ben Downing, CEO of the state’s Clean Energy Center , who confronted plenty of problems during his 10 years in the state Senate, an unsuccessful gubernatorial campaign in 2022, and a stint as chief growth officer at The Engine, a startup incubator and accelerator. What he found is that if you want to take on the toughest challenges — and do something about them — you’ve come to the right place. “Massachusetts,” Downing says, “is the solutions factory.”

Source: The Boston Globe

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