Charting Form Ds to roughly see the state of venture capital “fund” raising

Bubbles are largely a function of finance, not tech; if there is a lot of easy money available, it wants somewhere to go, and any tech will do (recall XML startups...).

Interest rates are one of the biggest factors, because of how they create indirect pressure on cash availability (which is the whole point of raising interest rates).

Everyone is bracing for tariff recession as well, which may cause a lot of investment capital flight.