If you’ve closed your eyes lately to the constant gyrations in the stock market, you might have missed some interesting trends in valuations. One we’ve observed lately is how a number of older companies, in fields such as ad-supported media, retail, personal lending and shoes, are now trading at a premium to the venture-backed firms that were trying to disrupt their businesses. Some examples: iHeartMedia, a radio-podcasting conglomerate, is now trading at a premium to Meta Platforms on a multiple of future profits. On a different measure, a multiple of future sales, Nike is pricier than Allbirds, while Visa is trading at a premium to Affirm, according to data from Koyfin.