JPMorgan says the 40-year era of cheap capital is structurally over and every startup valuation was priced assuming it wasn't
JPMorgan's Joyce Chang published a macro thesis arguing the two forces that kept interest rates suppressed for forty years, fiscal discipline and demographic abundance, are structurally gone. With $100 trillion in global public debt and shrinking workforces across major economies, the bank's framework points to 4-5% rates as the new permanent floor. For AI hyperscalers sitting on $300 billion in data center debt, and for VCs still working through 2021-vintage valuations, the arithmetic is catchi
