Wall Street’s ‘meh’ response to tech IPOs shows Silicon Valley’s valuation problem

After a 21-month tech IPO freeze, the market has cracked opened in the past week. But the early results can’t be encouraging to any late-stage startups lingering on the sidelines.

Chip designer Arm debuted last Thursday, followed by grocery-delivery company Instacart this Tuesday, and cloud software vendor Klaviyo the following day. They’re three very different…