The Department of Justice has been investigating venture capital firm Andreessen Horowitz for nearly a year over its board memberships with rival artificial intelligence companies, according to Bloomberg. Venture capitalists told TechCrunch they were surprised by the focus on the board seats, which have become a point of concern as many portfolio firms shift toward AI.

Andreessen Horowitz, founded by Marc Andreessen and Ben Horowitz, holds numerous board positions across its investments; recent disclosures show Ben Horowitz serving on the Databricks board and partner Martin Casado on the Fivetran board. The firm has been quiet about the investigation, contrasting with its frequent public commentary during the Biden administration when policy changes related to crypto generated daily coverage.

Analysts note that the probe began under the Trump administration, despite the firm’s close ties to that administration and its participation in advisory councils. While the DOJ has emphasized a broader antitrust agenda, it has also deprioritized prosecutions of large public companies, shifting attention toward individual executives and smaller firms.

Experts suggest the lengthy investigation may be intended to set a precedent for board conflicts in the rapidly evolving AI sector, though no formal charges have been filed. The outcome will determine whether the DOJ pursues enforcement actions or concludes the inquiry, and how it may influence other venture capital firms’ board participation in competing startups.