Is greed still good? As AI's mega IPOs dominate Wall Street's attention, what should investors really be looking for?
Elon Musk managed it with SpaceX. The question now is can OpenAI and Anthropic pull off the same trick when their long-anticipated IPOs finally happen at a time when the precariously thin skin of the AI bubble is finally seeping into the consciousness of commentators on Wall Street and beyond.
SpaceX raised $86 billion through its Nasdaq IPO earlier this year, rendering Musk a trillionaire in the process, something he might have mentioned once or twice since then. OpenAI’s estimated IPO value is reckoned to be somewhere between $730 billion and $850 billion, depending on how optimistic/delusional - delete as applicable - the valuer is. Meanwhile Anthropic’s comparable figure comes in north of $1trillion. Not bad for firms that have yet to turn a dollar of profit!
It’s an amazing/insane - again, delete according to prejudice - example of capitalism in action. But, and whisper this softly, what if something...
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