Revisiting Equity Supply and Demand From the Coming IPOs

This report analyzes the projected $410bn passive demand stemming from three major upcoming AI IPOs and details the current rotation in Asian tech markets from China to Korea and Taiwan.

Key Takeaways

• 1.The anticipated IPOs of three major AI companies with a combined market cap of $3.5tr will generate approximately $410bn in cumulative passive buying demand after lock-up periods expire.
• 2.The year-to-date rotation from Chinese technology stocks into South Korean and Taiwanese tech continues, driven by demand for upstream AI companies.
• 3.Ethereum and altcoins are expected to continue underperforming Bitcoin unless there are significant improvements in network activity and decentralized finance (DeFi) utility.

Table of Contents

• Flows & Liquidity
• Cross Asset Fund Flow Monitor
• Cross Asset Positioning Monitor
• Revisiting equity supply and demand from the coming IPOs
• The YTD rotation away from Chinese tech towards Korea and Taiwan tech continues in the equity futures space
• The underperformance trend of both ethereum and other altcoins vs. bitcoin is unlikely to change
• Appendix
• Short Interest Monitor
• Cross Asset Volatility Monitor
• Option skew monitor
• Equity market health map
• Spec position monitor
• Mutual fund and hedge fund betas
• Corporate Activity
• Pension fund and insurance company flows
• Credit Creation
• Bitcoin monitor
• Japanese flows and positions
• Commodity flows and positions
• Corporate FX hedging proxies
• Non-Bank investors' implied allocations

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