The dearth of dealmaking shows that, despite a rebound in tech stocks last year and continuing hype around generative AI, venture capitalists are still largely on the sidelines.
The Federal Reserve has indicated that cuts to its benchmark interest rate are likely coming in 2024, but for the moment they remain steady.
Fed Chairman Jerome Powell said Wednesday it will take a while for policymakers to evaluate the current state of inflation, keeping the timing of potential interest rate cuts uncertain.
There were 2,882 venture deals in the first quarter, the lowest since the third quarter of 2017, according to PitchBook.
According to PitchBook, Reddit and Astera made up 73.4% of the total exit value in the U.S. in the first quarter.
Persons:
Jerome Powell, PitchBook, Astera, Gary Tann
Organizations:
PitchBook, Federal, Astera Labs
Locations:
U.S, Rubrik