2025 study: Of 102 California AI companies that had raised at least $50M, women held just 15% of board seats. 43% had no women directors at all. Among companies with $50M to $99M in funding, nearly 2/3 had all-male boards. https://www.forbes.com/councils/forbesbusinesscouncil/2026/10/23/the-lack-of-women-on-ai-boards-isnt-just-a-diversity-problem-its-a-risk-governance-problem/