• In Private Equity, which has already surpassed 2024 in terms of exit value and hit 28% YoY growth for deal value in Q3, product and engineering roles remain fairly flat in terms of demand. But when you zoom in on median compensation for more senior product and engineering roles (Head of, VP, SVP & C-Level), that figure is up 26% YoY. The market may be cautious about overhiring, but not overspending.
• Venture Capital, meanwhile, saw a 25% QoQ jump in opened searches in Q3. It certainly seems like “caution” might not apply here. But then you look at the fact that VCs have deployed nearly 2X the amount of capital over on a trailing 12-month basis, and suddenly it looks much more tame. 
• In Q2 earnings calls, S&P 500 companies mentioning “AI” jumped 32% QoQ, according to FactSect. Though the context of AI isn’t distinguished between using the technology for operational efficiency (a term that, itself, popped in 2024, according to Morgan Stanley) or to fuel growth by incorporating it into their product offerings, the lack of clarity there is sort of the point: Public companies appear to be increasingly willing to grow faster than they hire, thereby creating a more efficient growth story.

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