The Presidential Daily Brief

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    Tech May Be Left out in the Cold

    Is it being frozen out? Silicon Valley is chillier these days, with tech companies accounting for only 14 percent of U.S. IPOs — a rate not seen since the mid-1990s. Astronomical valuations are starting to look like pie-in-the-sky thinking when it’s time to go public. Early last year, for example, Dropbox was valued at $10 billion, but one estimate has cut its per-share value by 24 percent — part of a trend that could have profound consequences for still-private companies and threaten future startup funding.

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