🚨 OpenAI Pre-IPO is finally here.

Does that automatically make it a good investment?

Not necessarily.

OpenAI is undoubtedly one of the world's leading AI companies.

It has built one of the strongest AI ecosystems through ChatGPT, enterprise AI, APIs, and is now expanding into AI hardware.

However, a great company doesn't always mean a great investment.

Here are a few reasons why I'm choosing to observe rather than rush in:

📌 1. Valuation already reflects high expectations.

OpenAI's implied valuation is around **$895 billion**.

Much of the market's optimism may already be priced in.

📌 2. IPOs are unpredictable.

We've seen examples like SpaceX-related products and newly listed stocks such as SK Hynix.

Strong fundamentals don't guarantee a strong post-listing performance.

Many investors buy purely because of hype and end up buying near short-term highs.

📌 3. Competition is intensifying.

OpenAI faces increasing pressure from companies like Google, Anthropic, xAI and Meta.

The AI race is becoming more competitive every quarter.

📌 4. Legal uncertainty.

Apple has recently filed a lawsuit accusing OpenAI of misappropriating trade secrets related to its hardware efforts. OpenAI denies the allegations, but the outcome remains uncertain and could affect its hardware roadmap.

For me, this isn't a "must buy."

It's a "worth watching."

Good investing isn't about buying every exciting opportunity.

It's about understanding both the upside and the risks before making a decision.

💬 If OpenAI eventually becomes publicly listed, would you invest?

① Yes
② No
③ I'll wait for a better valuation
④ Still observing

Let's discuss below.
#PreIPOs第二期OpenAI认购