Evercore

The venture capital secondary market has grown beyond expectations this year, with deal volume estimated at around $152 billion annually according to analysts at Jefferies and Evercore. Forecasts from William Blair and Preqin suggest the market could reach as much as $250 billion in the coming years, reflecting strong demand for liquidity among startup investors and employees.

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.