AI giants are lining up to go public—US stocks’ last big celebration? Crypto people have seen this too many times already. 🧵👇

1/ OpenAI (valuation $1 trillion+), Anthropic, and SpaceX are queuing up to sprint toward their IPOs. OpenAI alone is raising $60 billion—directly resetting human history records.
2/ But take a glance at the financials and crypto folks are laughing: OpenAI’s Q1 profit margin is -122%. For every $1 earned, it loses $1.22. It’s expected to reach positive cash flow only by 2030. Isn’t this the classic “overvalued, no unlock, pure hype” top-tier VC coin?
3/ Wall Street institutions are blunt about it: this is a risk transfer. Early Silicon Valley VCs cash out at the highest point of the AI hype, using Nasdaq’s “fast entry” mechanism to force tens of trillions of passive index funds (ETFs) to cut losses on Apple and Nvidia—then step in to take the positions at high prices.
4/ The end of Web3 is the US stock market, and the end of the US stock market is cryptoization.
When traditional finance also starts playing the CX game of “low liquidity, strong control, rules pushed hard, retail investors left holding the bag,” it means liquidity has already been squeezed to the limit.