This is bad for regular savers, who may be forced to buy into the biggest IPOs in history right at the top, so insiders can cash out.

• SpaceX, OpenAI, and Anthropic are going public soon at a combined value of $4 trillion, even though SpaceX lost $5 billion last year.
• Index rules were just changed to let these companies into major indexes fast, forcing 401k and pension funds to buy their stock automatically.
• Big tech's AI profits are partly an illusion — companies invest in each other and book the gains as earnings, making profits look bigger than they are.
• Insiders want to go public now because oil could spike to $150 from the Iran conflict, pushing up interest rates and risking the whole AI boom.
• History shows the technology can win while early investors get wiped out, like the railroad and fiber optic booms.

Outlook: If oil spikes and rates rise, these IPOs could mark the top, leaving everyday retirement accounts holding the losses.