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the internet tailwinds that propelled meteoric growth in Silicon Valley are stalling. what next? zero-sum games between web startups, the operationalization of SV, new financial infra, VCs investing in visions over numbers, and R&D beyond the internet. https://t.co/Eufs87s5qS
John Luttigx.com
The downturn rests on a set of reinforcing mechanisms:
- Higher rates and risk premiums since 2022 pulled down public valuations, which dragged private market marks lower.
- Exit scarcity throttled VC liquidity, limiting LP distributions and slowing fundraising.
- Absent crossover investors left late-stage startups cash-starved, forcing insider-led rounds,