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Welcome back to The Exchange. You can get the letter in your inbox if you read this on the website.

Your regular host Anna Heim is off this week on a much-deserved vacation so I'm stepping back into my old role as newsletter slinger. Thanks for having me, it's good to write this note.

We are looking at the good news from the venture market with a global perspective. We want to know if the good news from the United States is holding up elsewhere. It is a look abroad in Anna's name. Alex said he wanted to work.

The Good

Venture capital activity in the US is holding up better than we anticipated. That is great. It looks like venture interest in software startups is strong. If software startup are healthy, upstart tech companies are doing well. The United States exerts a lot of influence on startup overall.