Morgan Stanley-Thematics Venture Vision 60 Bankruptcy Growth-109833535(1)

MGlobalFoundationThematicsVentureVision:60%BankruptcyGrowthMorganStanley&Co.Internationalplc+EdwardStanleyEquityStrategistEdward.Stanley@morganstanley.com+44207425-0840MatiasOvrumEquityStrategistMatias.Ovrum@morganstanley.com+44207425-9902OurVentureVisionweeklieslookat(1)early-stagecross-themefundingpatterns;(2)relativevaluationsbetweenthemes;(3)publicversusprivatevaluations;and(4)theresultinganomalieswithincertainthemes.Pleaseletusknowifyouwouldlikeourexceldatabaseof>50,000VCdealscategorisedbytheme,country,valueanddate.Wealsosendthisfileasaweeklydistributionifyouwouldliketoreceiveitregularly.Seehereforourglobalmarketsynopsis.SeehereforourlongeranalysisonthestateoftheVCmarket,particularlyasitrelatestonon-USVentureandinnovationacceleration.Venture-backedbankruptciesarerising60%YoY;Chapter11filingsareattheirhighestin12years.Priorcyclessuggestapeak24-monthsaftertheFedstopshiking...July2025onthisbasis.Economicleadingindicatororsimply2021'sgreatunwind?ThestrengthoftheUSeconomyisfrontandcentreformostinvestors.OurStrategistsareinthesoft-landingcampandourEconomistsretaintheirlong-standingcallfora25bpscutbytheFedinSeptember.Whilehelpful,bankruptcieshavealwayspeakedlongafterratesbegintofall.Weofferadifferent,left-fieldperspectivethatinvestorsmayhavemissed.Smallcompanieshave-unsurprisingly-ledtheriseinbankruptcieseachcy...