I agree that we're going to see a lot of M&A activity. I disagree that it's some sort of meat market with IPOs at an activity low of two decades now and public companies trading also significantly lower, particularly in tech companies as well. The appetite, the risk appetite and the valuations at the growth stage is dropped significantly. That really limits the funding options for companies in that bracket who typically would have snapped up that growth funding but haven't yet reached profitability. It does feel like we're coming to the end of that endless capital being pumped into these businesses and prioritizing growth over profitability.

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