Evercore

The secondary market for venture capital has grown sharply this year, with annual transaction volume reaching roughly $152 billion, according to estimates from Jefferies and Evercore. Reports from William Blair and Preqin project the market could grow to as much as $250 billion. The surge reflects investors seeking liquidity in an environment where traditional exits through IPOs remain limited, making share sales a bigger part of the venture ecosystem.

Evercore strategists say the risk of a yield-curve inversion is growing even as the AI-driven bull market in stocks stays strong. The firm's assessment points to tension between long-dated bond yields under pressure and equities rallying on artificial intelligence optimism. Investors are weighing what a flattening or inverted curve would signal for growth and recession expectations if the AI trade continues to dominate markets.