Fewer public companies should, in theory, make it easier for small- and mid-cap companies to attract capital, coverage and investor interest. Capital is increasingly concentrated in mega-cap technology, AI leaders and other headline-grabbing growth stories, while private equity, private credit and alternatives continue to attract significant investor capital. SMID companies are no longer competing for capital and attention versus other public companies. For SMID companies with leaner teams and fewer resources than larger issuers, keeping pace is harder, but it is also more important. For SMID companies competing in a more crowded capital market, that work is no longer optional.