PitchBook Q4 2025 AI Public Comp Sheet Shows Market Shift Toward Execution and Monetization Visibility

Summary

PitchBook's Q4 2025 AI Public Comp Sheet and Valuation Guide highlights an evolving market dynamic as the AI investment cycle matures. Year-to-date performance through February 20, 2026, reveals increasing differentiation among AI-related public companies, with semiconductor firms demonstrating relative resilience compared to broader software and diversified platform companies, which are experiencing multiple compression. The report signals a broader market narrative shift from thematic AI posi