🇺🇸 Valuations The S&P 500 equal-weight index trades at 16 times forward earnings, versus 20 times for the benchmark. It is hardly cheap, but the discount makes it look more attractive 👉 @GoldmanSachs $spx #spx# #stocks# #equity# #stockmarket#

Are Frontier lab relative valuations are too absurd nowadays? If Anthropic IPOs at $2T… 10% of that can buy up almost every major established consumer brand: From: Taco Bell/Pizza Hut/KFC, GAP, American eagle, Levi’s, Victoria’s Secret, Cheesecake Factory, Krispy Kreme… Calvin Klein, Kohls, AMC, Kura Sushi, Dennys, Nike, Build a Bear, Jack in the Box, IHOP, Papa John’s… Shake Shack, Apple Bees, Dave & Busters, Under Armour, Petco, Canada Goose. All together. Using 10% of Anthropic. And they’d still have $51.6B leftover.

Private tech valuations are starting to look very different once you follow the money. DSCVR Agent Skills compared the prediction markets around Anthropic, OpenAI and the broader IPO race. The interesting split: Smart money is aggressively pricing upside for Anthropic. OpenAI still has a huge valuation story, but traders are much more willing to bet on downside there. Same AI boom. Very different conviction. Subscribe:

The massive valuations of tech giants, paired with the inability of public markets to effectively plug into datacenter buildouts, mean that ordinary Americans are exposed to the systemic risks of the AI buildout without directly reaping the benefits.

Given the exorbitant AI valuations at this juncture, the highest r/r macro play going into the next US election is ETH - minimal proximity to Trump - several CROPS related upgrades will make it war time ready if there’s an admin change - continues to dominate in TVL/asset issuance - L2s businesses still sprouting despite the renunciation of the rollup centric roadmap The ticker is ethereum:native

BLACKROCK PRIVATE CREDIT FUND VALUATIONS PROBED BY DOJ Bloomberg reports federal prosecutors are scrutinizing valuation practices at BlackRock $BLK TCP Capital. TCPC is a publicly traded business development company tied to BlackRock’s private credit platform. The fund made a rare off-cycle disclosure in January saying it expected to cut asset values by 19%. NAV fell from $8.71 per share at the end of Q3 to $7.07 at the end of Q4. Shares dropped 13% on January 26, the worst day since March 2020. Investors later filed class-action lawsuits alleging the fund made false statements and failed to properly value loans. BlackRock declined to comment. Probes can end without charges.

This chart says it all: US tech valuations have compressed from 40x to 20x Forward P/E in weeks. Tech valuations are now LOWER than they were when ChatGPT was announced. As the Iran War drives markets lower, AI is only getting bigger. Record highs are on the horizon.