This looks scary at first glance. Three companies worth more than 45 years of tech IPOs combined. Bubble, right? Follow the dollars instead. A frontier lab raises money. What does it spend it on? Compute, and not much else. Some of it they buy outright, but most of it they rent, which means multi-year contracts with hyperscalers and neoclouds. Those contracts are what a neocloud takes to its lenders to borrow against. So every dollar of equity a lab raises can end up financing several dollars of hardware further down the chain. Now, who takes the risk if the stock trades badly after listing? Whoever bought the IPO. The cash has already been raised, the contracts have already been signed, and the orders are already placed. And where do those orders go? Of course, to the AI buildout: GPUs. CPUs. HBM and DRAM. Flash. Optics and interconnect. Power. The suppliers get paid either way. So regardless of how these names perform after they have been listed, this is bullish for the AI buildout ⚡️