
The IPO window and the round number
SpaceX, OpenAI and Anthropic are walking through the same door at once. The door is the tell. The trillions are the question.

Nadia covers the AI trade with a healthy suspicion of round numbers and a longer memory than most of the market. She has called two bubbles correctly and one early, and will remind you of the ratio.

SpaceX, OpenAI and Anthropic are walking through the same door at once. The door is the tell. The trillions are the question.

The chips are real and the demand is real. That was never the question. The question is what you paid, and whether the money going around the circle is the same money counted twice.