<ul><li>Start-up valuations for the hottest start-ups have come down somewhat since 2021, but public multiples have fallen -66% for top Cloud companies.</li><li>VCs are now paying a 3.2x premium to public valuations to get into hot deals, making it more expensive.</li><li>AI spend is increasing, and there are expectations that it can 4x the spend on software and software infrastructure by displacing service and labor.</li><li>To justify the highest start-up VC premiums ever, AI needs to deliver a lot more growth for SaaS and Cloud start-ups.</li></ul>

Battery Ventures: Startups Are Actually Far More Overvalued Now Than in 2021

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