... stocks increasingly includes an assessment of intangible assets —data, algorithms, and human competencies in AI—alongside traditional metrics of profit and revenue. Importantly, current stock prices already partly reflect expectations regarding companies’ AI strategies. High multiples for tech giants are largely justified by investor faith in their ability to adapt and benefit from new technologies. If this ability is called into question, a reassessment of assets could occur—resulting in a decrease in market value even amid stable ...

... brings positive news for the global startup ecosystem and the venture capital market. The artificial intelligence sector is experiencing unprecedented investment volumes, the cryptocurrency market is hitting record highs, and the window for IPOs of tech companies is reopening after an extended pause. Venture capitalists around the world are demonstrating an increased appetite for risk, marked by the emergence of new "unicorns," a rise in mergers and acquisitions, and the launch of new investment ...

... fall behind global venture trends and are creating a foundation for future leaps forward once external conditions improve. Notably, according to industry monitoring, in the first six months of 2025, the total volume of venture investments in Russian tech companies reached about $78 million—merely a small percentage of global figures, but 70% higher than the previous year, indicating a gradual recovery of the industry from a low base. Conclusions: Cautious Optimism and Prioritizing Quality Growth As ...

... subsequent challenges faced by the company. SPAC in Russia: Prospects and Challenges In the Russian market, SPAC has yet to gain widespread recognition, but interest in this method is growing. In 2021, plans were discussed to create SPACs targeted at Russian tech companies, and some investors and management firms expressed interest in executing such projects. However, large SPAC transactions in Russia remain rare. The primary obstacles to the spread of SPACs in Russia include regulatory peculiarities, lower stock ...

... once again rewarding bold startups with high valuations, restoring faith in the scalability of new projects. IPO Wave: The Market is Opening Up for New Leaders The IPO market is experiencing a revival after a prolonged hiatus. The successful debuts of tech companies in the first half of the year have inspired both entrepreneurs and investors. For instance, in the financial sector, notable IPOs from fintech companies Circle and Chime have become indicators of the revival of startup activity on the stock ...