After the record highs of 2021 and the lows of 2022, Lex guessed that 2023 would divide the US tech sector. Big, established companies would have a good year, using their cash piles to buy shares and scoop up acquisitions. Start-ups would struggle.
We were mostly right. But the strength of excitement surrounding generative artificial intelligence exceeded our forecasts.
Rising interest rates hammered the prospects of unprofitable high-growth companies that hoped to raise funds or join markets. This was the second-worst year in a decade for venture capital exits, according to PitchBook data. Instacart’s poor market reception served as a warning to those who took the plunge to list on markets.
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