The City is buzzing with an unexpected sound: the hum of tech venture capital flooding into London. As US Big Tech faces its sharpest sell-off in months, the FTSE 100’s tech and biotech indices are soaring. This is not a flight to safety: it is a flight to value.
The American mega-caps, bloated on cheap debt and hype, are finally being punished by the bond market. Gilt yields are rising, the dollar is wobbling, and institutional investors are rotating into UK-listed tech firms that actually have balance sheets you can trust. The logic is brutal: when the tide of quantitative easing retreats, only firms with positive cash flow survive.
London’s AIM market, long derided as a casino, is suddenly looking like a prudent bet. The government will of course try to claim credit, but the truth is simpler. Capital has no loyalty: it seeks the highest risk-adjusted return.
For now, that return is in London’s tech sector. The question is how long this window lasts before central bank meddling slams it shut again.









