This is one of the first charts we have come across that truly demonstrates the scale of the AI boom in the IPO market. The current valuations of SpaceX, Anthropic, and OpenAI exceed the combined value of every U.S. tech IPO of the past 45 years!
We are self-conscious about the volume of AI content that has found its way into our writing of late, but hopefully this provides an explanation for that trend.
The bond market is signalling a broad distaste for fiscal policy that has led to increasing government debt burdens, with rates now touching their post-financial crisis highs. Stickier inflation driven by everything from tariffs to oil (and the general trend of deglobalization) certainly hasn’t helped either.
Since the pandemic, the U.S. has traded at increasingly escalating valuations relative to the rest of the world. Over the last year, there has been a material reset in this trend. Our usual disclaimer regarding the elevated earnings in U.S. AI names still applies, but we are marginally reducing our bias towards the rest of the world.
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