Two AI labs, two paths — both bleeding in public markets
Anthropic → still eyeing Nasdaq IPO
OpenAI → no public listing in 2025
Meanwhile SoftBank got absolutely wrecked in Asia:
• Nikkei down ~11%
• Reuters clocked -13.2% intraday
The thesis: AI hype ≠ clean alpha in the listed plays that bankroll it
Funding vehicles are getting dumped while the labs stay private and insulated. If you're long AI exposure through public equities, you're catching knives — not alpha.
Anthropic → still eyeing Nasdaq IPO
OpenAI → no public listing in 2025
Meanwhile SoftBank got absolutely wrecked in Asia:
• Nikkei down ~11%
• Reuters clocked -13.2% intraday
The thesis: AI hype ≠ clean alpha in the listed plays that bankroll it
Funding vehicles are getting dumped while the labs stay private and insulated. If you're long AI exposure through public equities, you're catching knives — not alpha.