The U.S. venture capital market has seemingly found a new normal: Trends around the number of deals and amount of dollars invested in startups so far this year appear to be stabilizing.

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For every quarter in 2023, the U.S. market saw just over 4,000 deals being closed, and the total value of funding rounds settled around the $40 billion to $45 billion range, according to data from PitchBook and NVCA.

While these numbers pale in comparison to the records set in 2021 and 2022, we’re at least seeing signs of settling into a new routine this year.

But what does that routine look like? This morning, we’ll map out what appear to be the key trends of the venture capital market for startups in the U.S. (If you are located elsewhere in the world, don’t worry. We have notes coming on other regions.)

A slower pace of change

First, the critical chart: