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For more than a decade, the technology sector has been buoyed by optimistic narratives. AI would transform productivity. SaaS will grow forever. Crypto would reinvent finance. Capital abundance meant investors didn’t need to interrogate the fundamentals: the story itself was enough. But as we move toward 2026, the signals from central banks, pension funds, and public markets are pointing in one direction: the era of narrative-driven valuations is ending. Investors are demanding evidence. Regulators are becoming sceptical. And businesses that rely on momentum instead of measurable performance are running out of runway. Below, we examine why 2026 is shaping up…
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