I just noticed that JPMorgan Chase is lowering the valuation of their private loans to software companies. That’s actually a pretty important signal from the market. The bank, with its $71.5 trillion in assets, is apparently taking the credit risk in this sector more seriously. What interests me is that this shows how cautious the big financial institutions are becoming right now when it comes to repayment ability. Not only in the traditional banking sector, but also across the entire P2P lending and private credit markets, the air is getting thinner. Economic conditions have tightened, and suddenly everyone is scrutinizing who can actually pay back. JPMorgan is just doing what other banks are probably also doing right now — re-evaluating the risk. It’s interesting that such steps by the big banks are often a precursor to broader market changes. The pressure on software companies is increasing, and this is now also reflected in lending practices. Anyone operating in this environment should watch these developments closely.