Europe has swung from growth-at-all-costs to profitability and back again over the past decade.

In the PitchBook EMEA Midyear Outlook webinar, Nalin Patel, Director of EMEA Private Capital Research, and Navina Rajan, Senior Research Analyst for EMEA Private Capital, unpack Europe's AI bubble and the market's renewed shift toward growth-at-all-costs. They also break down a first-of-its-kind signal: the share of profitable IPOs declined in H1 2026, the first drop in a decade of tracking the metric. Rajan says the next shift is all about AI, splitting the market into what she calls "a tale of two cities": an AI ecosystem and a non-AI ecosystem. Watch the full 2026 Midyear Outlook Check-In: EMEA Private Capital webinar recording. http://spr.ly/6052B16LLk