Morgan Stanley-Thematics Venture Vision 2024 Predictions-105690855

MJanuary2,202402:00PMGMTFoundationThematicsEuropeMorganStanley&Co.Internationalplc++44207425-0840+44207425-9902VentureVision:2024EdwardStanleyPredictionsEquityStrategistWehighlightwhatwegotrightandwrongin2023andwhatweEdward.Stanley@morganstanley.comexpectfor2024.MatiasOvrum•Ifyouwouldlikeaccesstoour45,000dealdatabase,pleaseask•SignuphereforourweeklyVentureVisionpieceEquityStrategistMatias.Ovrum@morganstanley.comThrough2023,wehighlightedtheneedforaPrivate/Unicornvaluationresetbeforeamaterialrecoveryinexitscouldoccur.Astheyearprogressed,wealsodescribedOurVentureVisionweeklieslookat(1)early-whyweremaincorrectonthethesisbutwerewrongonthetimingofthis–owingstagecross-themefundingpatterns;(2)largelytothefactthattheUSconsumer/economyremainedmorerobustthanmostrelativevaluationsbetweenthemes;(3)publichadappreciated.Moreover,theresilienceofthefundingmarketspostSVBallowedversusprivatevaluations;(4)theresultingfoundersandinvestorstomoveswiftlypastthisotherwisepotentiallyexistentialanomalieswithincertainthemes.Pleaseletusevent.Below,weexplain(1)ourmainexpectationsandthetrendsof2023,(2)howknowifyouwouldlikeourexceldatabaseofwethinkthesewillevolvein2024and(3)morespecificpredictionsfor2024.>45,000VCdealscategorisedbytheme,country,valueanddate.WealsosendthisfileasExhibit1:Ourhigh-level2024trendexpectationsrelativeto2023mark...