One thing to note is the barrier to IPO is much higher now, so the comparison doesn’t exactly hold.

Companies are taking on massive investment larger than any IPO take, with zero revenues! OpenAI’s investment predated its revenue push.

I’ve seen people suggest this cycle is malinvestment… if you think the goal of AGI which is exceeding unlikely to emerge in this investment cycle.

Get ready to pick up a ton of cheap hardware in a year or two…