Clouded Judgement: Hype Rounds vs Fundamental Rounds + Macro Update

The article contrasts 'hype rounds' (valuation-based on potential) with 'fundamental rounds' (valuation-based on financial metrics), arguing that late-stage startups raising at disconnected valuations face exponentially greater execution risk and dilution challenges to reach public market multiples. The piece also updates macro conditions, noting the 10Y Treasury yield rising from 3.8% to 4.4% YTD amid sticky inflation and expectations for fewer Fed rate cuts, pressuring software valuations.