Startups
Startup funding concentrates into fewer, larger rounds
Total capital deployed held steady. The number of companies receiving it did not.
Elena Vasquez · London · 21 Aug · 6 min read
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Business
Companies, economies and the decisions behind them.
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Circa
The story behind the story.
How we got here
The rate cycle
The cycle began with a diagnosis of transitory inflation and a plan measured in quarters. It has run for years and outlived three sets of projections.
2022-03-16
Tightening begins
2024-09-18
First plateau
2026-08-23
Plateau extended
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Summit opens with security guarantees back on the table
Delegations from nineteen states arrived with competing drafts. What they agree on is narrower than the communiqué will suggest — and more consequential.
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Rates
Central bank holds rates and signals a longer plateau
The decision was expected. The projection alongside it was not: policymakers now see restrictive settings persisting well into next year.
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Chips
New export rules redraw the semiconductor supply map
Three governments moved within a fortnight. Together the measures change where advanced chips can be designed, fabricated and sold.
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