General Atlantic Sees Value in Chinese Startups; Coatue Tries to Avoid AI Exuberance

The stock market is near a record high. Six public tech companies are worth more than $1 trillion. Even bitcoin has made a comeback! But the titans of private capital aren’t over the moon with optimism yet. That may be because they’re still working through the hangover of the zero-interest-rate funding boom in their own portfolios. 

“Twenty-three was a bit of a wipeout,” said Philippe Laffont, founder of New York investment firm Coatue Management. A five-point increase in the federal …

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