Rachel Warren

So at that $50 billion valuation, the market is essentially pricing in perfect execution.

So if the software essentially fails to break NVIDIA's ecosystem or adoption slows, there's really no margin for error.

Yeah, I think I'm similar here to Matt.

I mean, looking at that IPO range, the 20 times over subscription, that shows massive hype.

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?