July by D’Ornano + Co.: an update on our European Tech predictions for 2023, uncovering value in the Private Markets and a zoom on the MLops part on the GenAi tech stack.

This is our monthly newsletter dedicated to Tech x Investments.

Dear all,

I made a set of predictions at the beginning of the year on what was in store for European Tech in 2023, and as we wrap up this first part of the year, I wanted to see how those are turning out overall (I will go into full detail at the end of the year). Most are unfolding as predicted!

First, Macro. The new regime for Tech investing (i.e., the end of free money) has for sure continued over H1. Though we are seeing some optimism here with inflation that is easing (but still largely above the Fed’s target of 2%), yesterday’s quarter-point increase in interest rates marks the 11th hike in US interest rates since March 2022, in what has become the most rapid monetary tightening since the 1980s. We are still in an uncertain macro-environment, and continuous re-evaluation of the latter is critical for investors. 

Then, Growth (You, as readers, know that is my preferred concept). Tech and, more broadly, disruptive companies have in common that they are fast-growing. Assessing the abs…