Ed Elson

Why don't we go in and steal all of that hungry capital out there that wants to invest in AI?

But interestingly, in that context,

In that thesis, there is an implication that if we get out first, we're going to suck all the capital out of the ecosystem and there's not going to be enough left for the rest of you.

Do you think that that is a legitimate concern as these IPOs start to ramp up, that maybe the last one is going to be the loser, that they're not going to be able to raise as much as the rest of them?

We also mentioned the sheer scale of the equity issuance.

You've got Google, $85 billion, SpaceX, $75 billion, and then opening iAnthropic.

We don't know, but probably in that ballpark, I mean, that's the amount that they've been raising in their private rounds.

There are some concerns now about the amount of supply

that is about to just be injected into the market, that it might be a shocking level of supply.

And as we know from Econ 101, more supply generally means lower prices, or it does mean lower prices.

Do you think that is a concern going into the second half of the year as well, that the supply might reduce prices in the equity markets?

Just before we let you go, you mentioned SpaceX.

SpaceX is going public at the end of the week.

I personally can't wait to see what happens here.

It's just the scale of this thing is just absolutely mind-blowing.

Do you have any thoughts on this IPO and what might happen?

What do you make of this company and what we've seen?

goes up a lot on the first day.

I'm with you on that.

Do you think it comes down on the second day or the third or the fourth or the fifth?