In case you missed it... Citi U.S. Economic Surprise Index has risen to its highest since October 2023
Source: Kevin Gordon Bloomberg
The K-Shaped Economy:
U.S. corporations are keeping the largest share of national income since 1950, while the share going to workers hit an all-time low. Source: Hedgeye, Bloomberg
OpenAI just pulled the trigger on what could become the biggest IPO in tech history.
The ChatGPT maker confidentially filed to go public. Potential valuation? 👉 Over $1 TRILLION. And the timing is wild. Within days: • SpaceX is preparing a massive IPO at a $1.78T valuation • Anthropic has already filed • Wall Street’s AI race just went fully public This isn’t just another tech listing. It’s the moment AI officially becomes the center of global capital markets. But here’s the fascinating part: OpenAI is still losing enormous amounts of money. Despite: • 900M+ ChatGPT users • Explosive revenue growth • Record-breaking fundraising • Massive investor hype The company continues burning billions on: • AI research • Data centers • Compute infrastructure • Talent wars And investors still can’t get enough. That tells you everything about where markets believe the future is heading. OpenAI says it “hasn’t decided on timing yet.” Translation: They want optionality. Stay private long enough to move fast… But be ready to tap public markets the second conditions are perfect. Meanwhile: • Elon Musk’s lawsuit against OpenAI was thrown out last month • Discussions with the US government are reportedly happening • Employees may soon get liquidity through a secondary sale This is no longer just a startup story. Source: FT
INCREASE IN EQUITY SUPPLY = SHARES FLOATED AT IPO + EXPIRING LOCKUPS
Source: BofA
Who will be the world's first trillionaire?
Source: GURGAVIN
In case you missed it. Anthropic will reportedly release its new AI model “Mythos” tomorrow.
Source: Polymarkets money on X
The US is exporting its SPR releases.
Source: Lukas Ekwueme
Active large-cap equity managers are struggling to keep pace with a technology-led market rally, with only 20.5% outperforming the S&P 500 this year.
Source: Bloomberg, The Daily Shot
