discerning

While founders who have focused on quality, profitability and governance will continue to find capital, the market has become more discerning, adds Mr Daniel, "which is ultimately good for founders building for the long term".

He makes the list as consumers are becoming more discerning with their spending.

Investors may be taking a more discerning look at capital spending generally as Big Tech companies ramp their expenditures while the returns of AI investment remain unclear.

Pandit also sees a “healthy consolidation within the tech sector,” with investors being “discerning about forward-looking guidance and how much these companies are spending on capex,” even with earnings that have been “pretty spectacular.”

Pandit also sees a “healthy consolidation within the tech sector,” with investors being “discerning about forward-looking guidance and how much these companies are spending on capex,” even with earnings that have been “pretty spectacular.”