Fintech, Consumer, Marketplaces, and Crypto

These sectors share a trait: value depends on people and money moving through a network. They produced PayPal, Stripe, Nubank, Facebook, Airbnb, Uber, and Coinbase, and losses such as FTX, Synapse, and Quibi. They are more cyclical than enterprise software because consumer spending, credit losses, and token prices move with rates and risk appetite.