Travis Hoium

Okay.

But that was a $1.7 trillion valuation at the time.

So yeah, these IPOs have gotten just bigger and bigger.

Well, does Alibaba count?

So Alibaba raised $22 billion, had a valuation of approximately $230 billion at IPO.

Does that count?

I mean, the structures of those companies is very strange.

Yeah.

Well, what do you think?

So of those four, Andy, do you think we're going to get two, three, four of those hitting the markets this year?

So that's like a warning sign.

If Anthropic kill public, OpenAI can't, then that's real trouble?

Yeah, this is going to be fascinating.

I mean, obviously going to get a lot of attention

no matter when they do go public.

All right, let's turn to some historical market numbers.

The S&P 500 and NASDAQ, we've talked a little bit about kind of the history of recessions, potential, oil's impact.

The last major recession

before the financial crisis was the tech bubble, maybe some parallels to where we are today with AI, the market peaked in March of 2000.

So both the S&P 500 and the NASDAQ.