Before we get to my thoughts, Max Bowie wrote that as markets for trading stock in privately-held companies become more prevalent and exchange-like, and potentially attract more investors, this will impact fully-fledged exchanges and their offerings, which could lead to M&A activity. That opinion piece is based on a 4,200-word yarn about the data and infrastructure challenges that exist, which have kept private stocks opaque, illiquid, and behaving differently from public markets, though that’s