Bad news for US stock investors: a wave of huge tech IPOs is hitting just as cheaper Chinese AI threatens to undercut the whole story.

• SpaceX is rushing to go public at a $1.75 trillion price tag, but its actual revenue is tiny next to that, so the valuation rests almost entirely on hope.
• OpenAI and Anthropic are racing to IPO too, all trying to cash out while retail buyers are still eager and money is still flowing in.
• Chinese AI firms like DeepSeek and Moonshot offer similar quality for a fraction of the price — sometimes 100 times cheaper — which could gut US AI profit margins.
• China may launch an AI "token futures" market to set a clear public price for AI compute, exposing how overpriced US AI really is.
• Meanwhile gas and food prices stay high, the Iran conflict drags on near 100 days, and high inflation pushes the Fed toward more rate hikes.

Outlook: If Chinese AI keeps undercutting prices or the Fed hikes rates, these trillion-dollar valuations and the broader market look set to fall further.