As of mid-February, global markets are experiencing a rotation in leadership, with a more balanced rally across sectors. Developed Non-US equities driven by Europe are leading the way. While the S&P 500 is +4% YTD, leadership is no longer concentrated in just the Mega Cap Tech names, reflecting healthier market breadth.

Private markets have undergone a tremendous amount of structural change over the last several decades. 2024 brought these changes directly into the headlines. Select examples¹ include:  

• SpaceX Valuation Jumps to About $350 Billion in Insider Deal – Bloomberg 

• AI startup Databricks hits $62 billion valuation in record VC round – Reuters 

• OpenAI raises $6.6B and is now valued at $157B – TechCrunch