As we wind down 2025, I’m doing what just about everyone else is doing—thinking about 2026.
For the private markets, this means thinking about more AI, all the time. That said, I do think next year the rubber is going to meet the road for AI startups and giants alike. High compute costs, compressed margins, and soaring valuations and expectations will inevitably collide with reality. And for some, this will mean even more acquisitions and more acquihires than perhaps we’ve seen so far in the AI boom.
