a16z State of Markets II: 100+ charts on tech and markets in the first half of 2026

David George's 90-slide half-year chart pack from a16z, organized in eight chapters: tech is the everything cycle; AI is a generational platform shift; capex is working; atoms are back (hardware, energy, defense); 'SaaSpocalypse? more like SaaS-prove-it'; the shift of value to private markets; what it means for startups; and private companies telling the macro story. The through-line is that AI has become a capital cycle in which public and private winners are the companies able to fund the buildout and show revenue against it. Read it for the public-market comps a growth round gets priced against.