Rachel Warren

But again, that concentration, that customer concentration, that's something I'm still a bit wary of.

For me, kind of the key metric to watch is really going to be

the execution of these new contracts with OpenAI, the hyperscaler growth angle.

I think if they can successfully transition that backlog into recognized revenue, build out these partnerships, I think that could be really favorable for their long-term growth.

But until that diversification is really visible in the quarterly numbers and they can really show true operating profitability, I think the valuation we're expecting leaves no room for any slowdown in adoption.

So I'll be watching from afar for now.

Yeah, I think I have a similar mindset there.

I mean, very much that urge to chase a generational IPO like SpaceX, like open the eyes, understandable.

I think for me, the idea of maybe trimming my most profitable positions to fund a newcomer to the market, that's probably not a move I would take.

I tend to be of the mind for my personal portfolio that I'd rather deploy fresh capital for new entries

rather than trimming established winners in my portfolio.

Now I do personally tend to avoid brand new IPOs.

I like to wait for that initial hype to settle.

I think it often reveals the true value of the business once that early volatility has subsided.

That's just my approach.

I wanted to also weigh in briefly on the impact that some of these IPOs can have on the broader market, right?

So often these massive IPOs act as liquidity vacuums, if you will.

So let's say you have a dominant player like OpenAI,

that hits the market.

A lot of times you'll be seeing institutional managers might sell off their smaller second tier AI or software stocks to clear portfolio space for that new industry leader.