Startups building fortress balance sheets

This flurry of M&A deals at the end of the year (I have another one to tell you about) are people getting out while the getting is good, or is this just the start of what’s going to be a big deal in 2026? And are half of the big VC raises we’re seeing just folks trying to build up cash reserves to hedge either way?

• Meta to Buy Manus, an AI Startup With Chinese Roots (Bloomberg)
• After a Year of Blistering Growth, AI Chip Makers Get Ready for Bigger 2026 (WSJ)
• AI start-ups amass record $150bn funding cushion as bubble fears mount (WSJ)
• Microsoft’s Nadella overhauls leadership as he plots AI strategy beyond OpenAI (FT)
• Waymo and Other Driverless Taxis Move Into a New Era (Bloomberg)
• Listen to This: Some Audiobooks Are Outselling Hardcovers (WSJ)

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