The rise of unprofitable tech

As of September 30th, 2025 has been a year where tech companies with no revenues or profits have outperformed almost everything else. The US market has become increasingly dominated by such speculative names, while profitable businesses lag behind.

At European Capital Partners, we stay disciplined. Over time, it’s earnings and valuations that drive returns — not market euphoria. By focusing on profitable, reasonably valued companies, we might miss the latest fads, but we ensure lasting value creation and risk control in our portfolios.