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SoftBank chairman and CEO Masayoshi Son. Photo: Alessandro Di Ciommo/NurPhoto via Getty Images

"The venture capital party is over" was the gist of countless mainstream and social media predictions in October, following WeWork's IPO collapse and SoftBank's difficulties in raising over $100 billion for its second Vision Fund.

Why it matters: They were wrong.

The big picture: Tuesday's issue of Axios Pro Rata includes 23 venture deals, totaling over $1.1 billion. Moreover, PitchBook data shows that startups have raised more venture dollars in November and December (to date) in 2019 than they did for the same period in 2018.

  • PitchBook also Tuesday morning released a series of 2020 VC predictions, one of which was that U.S. mega-venture deals will hit another record.
  • It argues that the driving trend of low global interest rates persists and adds that funds are flush with capital due to both rising public equities (e.g., denominator effect on VC allocations) and an active exit environment that generates large distributions that can be recycled.

Yes, there have been some changes to what sorts of companies VCs seek to support, including increased emphasis on financial fundamentals, but that's just about aiming the fire hose in a slightly different direction, not about shutting the spigot.

  • Only widespread calamity, beyond the private markets, has historically proven to deter venture capital. A few high-profile flameouts won't do the trick, particularly when there are still multibillion-dollar sales and IPOs are still outperforming what could be the S&P 500's best-ever year.

Go deeper:

Go deeper

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: CDC director defends agency's response to pandemic — CDC warns highly transmissible coronavirus variant could become dominant in U.S. in March.
  2. Politics: Empire State Building among hundreds to light up in Biden inauguration coronavirus tribute.
  3. Vaccine: Fauci: 100 million doses in 100 days is "absolutely" doable.
  4. Economy: Unemployment filings explode again.
  5. Tech: Kids' screen time sees a big increase.