PitchBook：2025年第三季度美国风险投资量化分析报告（英文版）

Inflation continues to cool, albeit at a slower pace, as CPI has yet to reach the Fed’s 2% target. The prices of natural gas and electricity have jumped over the past 12 months, reflecting the intense power needs of hyperscalers and modern datacenters (page 7). • Measures of consumer sentiment have trended lower in 2025 (page 6), reflecting uncertainty amid changing tariffs and a cooling job market (page 8). Employers are likely shifting to a “low hire, low fire” mindset to keep overhead low