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　　the stock market downturn since the beginning of this year has led to the "longest-lasting" listing shortage of US technology stocks. For now, while some other sectors are showing signs of recovery, experts remain cautious about the pace of recovery in tech IPOs.

　　Research by Morgan Stanley's "Equity Capital Markets" team shows that as of Wednesday, the U.S. stock market will be without a technology IPO of more than $50 million for 238 consecutive days, surpassing the 2008 financial crisis and the dotcom bubble in the early 2000s. The record set after the shattering.

　　This year, U.S. stocks have been rocked by "the Fed curbs inflation by raising interest rates sharply." Higher interest rates have hit stock valuations and fueled fears that the economy is headed for a recession. High-growth tech stocks dominated the record IPO market last year and made big gains during the stock market boom. And this year, they have been hit by a corresponding downturn in the stock market.

　　The tech-heavy Nasdaq Composite is down nearly 28% this year. By comparison, the S&P 500 is down only about 19%. In addition, the "Renaissance IPO Index", which tracks U.S. companies that have gone public in the past two years, has fallen by as much as 45%.

　　"There's still a lot of uncertainty in the market right now, and that uncertainty is the enemy of the IPO market," said Matt Walsh, head of technology equity capital markets at SVB Securities.

　　"I think we need to see a more stable outlook," Walsh said. "Investors are temporarily repurchasing existing public securities (stocks in companies that have gone public) before investing in tech IPOs."

　　Last week, life insurer Corebridge completed its U.S. IPO, its first $1 billion listing since January. But the market's early cautious reaction also underscored the fact that investors are wary of even more mature and profitable businesses.

　　Even after Corebridge went public, U.S. IPOs fell 94% year-over-year, with just $7 billion raised so far in 2022, compared with $110 billion a year earlier, according to Dealogic data.

　　FactSet data shows that in the second quarter of this year, IT companies in the S&P 500 basically met profit expectations, but at the same time lowered their expectations for the third quarter. Based on current expectations, these IT companies' third-quarter profits will fall by 4% year-on-year.

　　Many tech companies have responded to the downturn by cutting costs further and showing progress toward profitability. But Nicole Brookshire, a partner at law firm Davis Polk, which specializes in tech IPOs, said it will take time for the companies to show that the changes are working.

　　Separately, Walsh pointed to a relatively positive factor in the prolonged IPO drought: Tech companies raised so much private capital before the downturn that there was no apparent sense of urgency. He expects a small number of companies will still try to go public this year, but most have already pushed back their plans to go public until 2023.