SG Alpha

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE BIGGEST LIQUIDITY DRAIN OF THE DECADE IS COMING 🚨 $4 TRILLION+ of private market value is lining up to hit public markets. • @SpaceX 🛰️ • @OpenAI 🤖 • @AnthropicAI 🧠 Combined valuations are approaching levels never seen before for companies that are still private. At the same time, NASDAQ, S&P, FTSE and Russell have been updating index inclusion rules to accelerate how quickly newly public companies can enter major benchmarks. What happens next? ➡️ Massive IPOs launch. ➡️ Indexes add them. ➡️ ETFs and passive funds must buy. ➡️ Retirement accounts and 401(k)s become automatic buyers. ➡️ Early investors and insiders finally get liquidity. The market isn’t creating trillions of dollars out of thin air. Capital has to come from somewhere. Every dollar allocated to these mega IPOs is a dollar that isn’t being allocated elsewhere. That means competition for global liquidity intensifies across: • $BTC • $ETH • $SOL • Growth stocks • Small caps • Venture markets The larger the IPO wave, the larger the potential liquidity vacuum. 2020–2025 was the era of AI valuations. 2026–2028 could become the era of AI distribution. The greatest wealth transfer may not be retail buying crypto at the top. It may be passive investors unknowingly providing exit liquidity to private market insiders through forced index buying. Watch the listings. Watch the index changes. Watch the liquidity. Because liquidity moves markets more than narratives ever will. 🚨📉👀 Not financial advice.

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything

🚨 THE AI “PROFIT” LOOP ISN’T WHAT IT SEEMS 🚨 Big Tech is pouring tens of billions into AI, but follow the money: $MSFT, $GOOGL, $AMZN and others invest in AI labs like OpenAI and Anthropic. Those AI labs then spend massive amounts on cloud infrastructure and compute from the same Big Tech companies. Money goes out ➡️ money comes back ➡️ revenues get booked. A large part of the AI boom currently looks more like a capital recycling machine than a self-sustaining profit engine. Financial Times estimates that even under optimistic assumptions, returns on AI spending could be: • Google ($GOOGL): -15.7% • Meta ($META): -28.8% Meanwhile, private-market giants continue absorbing enormous amounts of capital. @SpaceX reportedly burned billions last year while still commanding a massive valuation. If OpenAI, Anthropic, SpaceX and other mega-IPOs eventually hit public markets, trillions in investor capital may need to be allocated somewhere. The question isn’t whether these companies are impressive. The question is: where does the liquidity come from? Assets & index funds competing for global capital include: $BTC $ETH $SOL $NASDAQ $SPY Watch the flows. Liquidity drives everything