Rarely has the pop been scheduled.

This seems like a good time to remind myself of Seth Klarman's observation: that an index fund, by its nature, must occasionally dump perfectly good investments and buy worse ones simply because they need the latter in the basket that the index represents.

If you are, say, in FSKAX at Fidelity, and suddenly "OAI" lists for a gazillion dollars, you might suddenly be quite overweight in a stock that you don't care for. Nvidia and the rest are already warping such funds.

Aside from the value debate it's pretty crazy how far and how fast things have moved since GPT3.5 circa 2022 which is the early onset of OpenAI becoming more formally known mainstream.

This is going to be the most anticipated S-1 in history. Tech and finance podcasters will live off it for weeks.

Second half of 2026? I would have thought earlier to preempt the bubble bursting. Perhaps they know the IPO would be a flop (like many in 2000) and want to avoid opening all circular deals and the books to the public.