Wall Street makes money from issuing debt, trading debt, and IPOs. They need to get the last two mega IPOs off before the curtain call on this era.

But they can only partially influence the market, they can’t control it. The question is if the market will let them get these IPOs off or if the jig is up.

Here’s an exercise for anyone curious: pull up the median stock in the S&P 500. Look at its P/E. Take 15 minutes and look through the company’s financials and figure out what you think about the quality of its earnings.

Then decide if that P/E is appropriate.

The bubble isn’t in just AI, the bubble is everywhere, and AI is its largest manifestation.