Good morning from OWITH.ai, the podcast that gives you only what's important to hear in the AI and tech world. Let's delve into the intriguing realm of the secondaries market, an area valued between $62.5 billion and $120.9 billion by 2025, as estimated by PitchBook. This market is challenging to quantify due to its opaque nature, expanding rapidly as companies remain private longer. Traditional exit opportunities become limited, prompting investors to seek alternative ways to liquidate assets and return cash to their limited partners. The vast range of estimates underscores the significant margin of error inherent in this market, unlike more transparent markets like the global soap market, valued at around $50 billion. The opacity of the secondaries market arises from minimal disclosure requirements and a lack of comprehensive data. Many transactions involve small firms and wealthy individuals who often operate with incomplete information. Investors are driven by a fear of missing out, similar to public markets, with a strong desire to invest in high-profile companies like OpenAI without the transparency of public reporting. While large institutions like Goldman Sachs and Morgan Stanley engage in substantial deals targeting major stakes in leading companies, much of the market consists of smaller transactions. A notable concentration of secondary trading value is observed among a few companies. In late 2025, the top 20 startups on private stock marketplace Hiive accounted for 86.4% of trading value, with companies like OpenAI and SpaceX comprising 55.6% of that volume. PitchBook suggests that combining direct secondaries and GP-led venture secondaries places the U.S. venture secondary market at approximately $106.3 billion in 2025—a conservative figure given the challenges in accurately tracking this market.Transitioning now to recent venture capital activities, there have been significant funding rounds for various startups across technology and AI sectors. Notable investments include Humand's $66 million Series A funding led by Kaszek and Goodwater Capital, alongside Subject's $28 million funding round led by Vistara Growth. Other ventures receiving investments include Hypercore, Coral Care, Giant, General Magic, 7Rivers, and Sherpas. Private equity deals have also been highlighted, such as Affinius Capital's acquisition of Veris Residential for approximately $3.4 billion, and Arctic Wolf's acquisition of Sevcosecurity under undisclosed terms. Moreover, Hamilton Lane, Braemont Capital, and Delta-v Capital have invested $500 million in VFN Holdings.In IPO news, Generate Biomedicines plans to raise up to $425 million through an offering of 25 million shares priced between $15 and $17 each after reporting $32 million in revenue for the year ending December 31.Shifting focus to a thought-provoking essay titled "The 2028 Global Intelligence Crisis," co-authored by James Van Geelen and Alap Shah, which has raised concerns about the economic implications of AI-driven automation. The essay explores a potential future where automation leads to "ghost GDP," resulting in significant economic output that doesn't benefit the real economy due to declining wage growth and job losses among white-collar workers. Current indicators suggest disruptive changes are already underway, evidenced by a record gap between corporate profits and worker pay, high salaries for AI-skilled workers, and predictions of job losses across various sectors. Despite these challenges, many CEOs are focused on integrating AI to redesign work rather than simply reducing the workforce. The economy is evolving in ways that demand adaptive business models. AI's capacity to opti
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