SpaceX, OpenAI and Anthropic on giga launch pads: why this IPO season is a test of investor intelligence
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Investors have been here before. A transformative technology arrives, valuations detach from earnings and markets start pricing the future today. Capital markets financed booms in railways, dotcoms, social media and crypto plays, only to watch many companies collapse once reality caught up with what former Fed chair Alan Greenspan called ‘irrational exuberance.’
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