The AI Bubble Will Pop from Equity Supply Says This $80 Billion Asset Manager | Ben Inker | GMO

GMO expects record IPO-driven equity supply from SpaceX, Anthropic, and OpenAI to trigger an AI-linked market decline of 20-50%.

• Equity supply thesis: GMO's Ben Inker says SpaceX, Anthropic, and OpenAI IPOs plus staggered unlocks will push ~6-7.5% of US market cap into equity supply over 12 months, versus the 2.5-4% record set in 1999-2000.
• Historical drag quantified: Markets historically do about 4% worse per 1% of market cap issued via IPO, implying roughly 24% underperformance versus normal if 6% comes in.

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