Stephanie Roth

speaker

365 appearances 1 recordings 1 series first heard Jul 2026 last heard 15 Jul

Stephanie Roth’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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It'll be, you know, too much supply, not enough demand.

And then secondly, there was a concern that is this a sign of a bubble and is this an AI bubble?

And we kind of, what are the thoughts around that?

So we dug into both of those issues.

And when you think about the liquidity dynamics, right?

The combination of buybacks is kind of your demand piece.

And then your supply piece is your IPO issuance and then expiring lockups.

And if you net out the two, that kind of gives you a sense of the key drivers of net demand.

And this year, corporate buyback should be pretty good.

In fact, it's estimated to be notably stronger than the sum of the IPO issuance plus expiring lockups.

So your net demand picture actually appears to be in the positive territory, which then would mean supply should get absorbed fairly well.

Now, you know, of course, these dynamics aren't perfect.

It's an estimate based on corporate buybacks.

But I think the dynamics would tell you that there's a decent amount of cushion for the issuance to get absorbed and not create liquidity problems.

Now, the second question is,

about whether this is some sort of sign of a bubble and is the market overvalued.

If you look historically, the IPO waves that you've seen in the past have generally been a lot of companies coming to market.

It's been the breadth of companies.

And this time it's different.

It's a handful of companies that are mega IPOs.

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