*as of 8/10; Sources: S&P, BTC, FTSE, DJRE, GOLD

The median IRR for VC funds since 2020 is trailing those from 2016-2019, and the deviation between top performing funds and the bottom is wider than ever. While it’s early, the median IRR for 2025 vintage funds is -2%, with the bottom decile at -20.3%. In comparison, 2016 vintage funds have a median IRR of 15.6% and the bottom decile is still positive at 3.9%. Overall, though, VC funds posted the best returns of any strategy over the trailing twelve months from Q1, followed by funds of funds and private equity, thanks largely to AI-driven markups.

➨ TAKEAWAY: Breaking down VC returns by vintage is instructive for investors as it shows how macro factors can affect returns across an asset class and emphasizes the importance of diversification. The industry is also adjusting to the widening gap between top and bottom performers, as much more of the fundraising is going to bigger, more established funds. It is also too early to close the book on recent vintages, as 5-year returns do not have a strong correlation to 10-year returns.

❗ Extreme bullish level: The Bank of America market sentiment gauge hit its most extreme bullish level since 2021, as equities hit record-highs. Investors should take note that a high reading in BofA’s indicator generally acts as a signal that the market has reached its top and is primed for a downward turn.

🏢 CRE leads investor picks: Commercial real estate finished first in a new investor preference survey, beating out stocks, bonds, and cash, with apartments leading the way within the sector. However, the improved sentiment may not lead to increased activity, as investors still believe holding is a stronger play currently than buying or selling.

🚀 Whatnot’s big fundraise: The livestreaming shopping platform raised $545 million at a valuation of $20 billion, nearly double its $11.5 billion valuation from a year ago. The company has already generated more sales so far this year than it did in all of 2025, and the investor interest is also a good sign for the collectibles market, which dominates Whatnot’s platform.

🏡 Hottest zip codes: Based on how many days properties stay on the market and its “hotness score",” Realtor.com released its list of the hottest zip codes in each state. Of those zip codes, 71% carry a price premium compared to the rest of its metro area, with an average premium of 21%.

🪙 Crypto projects folding: More than 100 crypto projects have gone under in 2026 so far, a symptom of the overall downward trend in the market. This wave of shutdowns has been compared to the dot-com bust, and it similarly would be good for the companies and projects that survive this bear market.

🤖 AI-created viruses: For the first time, researchers have used AI models to create complete genomes of 16 new viruses that then successfully infected and killed targeted bacteria in laboratory settings. Obviously, there are concerns that this technology could lead to nefarious actors creating new viruses to target humans, one more item on the list of AI-related issues to worry about.

NFL wide receiver Michael Pittman Jr. was traded to the Pittsburgh Steelers from the Indianapolis Colts this past offseason, and has now put his 40-acre farm on the market. Located in Zionsville, around 20 miles northwest of Indianapolis, the property has a 7,560 square foot, 6 bed/6.5 bath mansion with two garages for five cars, and ample outdoor space. Pittman was known for keeping a lot of different animals, including horses, llamas, goats, dogs, chickens, an emu, a turkey, cows, and Italian honeybees. As such, the property has 27 acres of pasture land, three fenced pastures, four livestock loafing sheds, and a round pen. While the $4 million asking price doesn’t include Pittman’s animals, the land seems suited for someone who wants to live the farmer lifestyle but not be too far from an urban center.