> part of the reason why valuations are so high is because there is so much money The primary mechanism behind that is liquidity; Passively held assets decreas

> part of the reason why valuations are so high is because there is so much money The primary mechanism behind that is liquidity; Passively held assets decrease liquidity, and with there being a lot of passively held assets, liquidity isn't so great. There are some warning signs that demand for AI companies, especially OpenAI, may not be so high as expected. https://www.bloomberg.com/news/articles/2026-04-01/openai-demand-sinks-on-secondary-market-as-anthropic-runs-hot https://www.bloomberg.com/news/articles/2026-04-01/openai-de... (Though OpenAI asserts that the demand is low because the seller isn't trusted) On the other hand, it also seems like OpenAI and Anthropic are seeking to have a relatively "small" IPO by not selling too many shares. The market may absorb a few tens of billions. The big questio is how long it'll take for more of those companies to hit the market afterwards; They're burning through their money awfully quickly, and the earlier investors will want out as well.