Everyone keeps asking if the AI bubble pops soon. I don't think it pops before the OpenAI and Anthropic IPOs, and that's why Worldcoin is on my watchlist.

Yes, we're in an AI bubble. Of course we are. But saying it pops right now because things are expensive isn't a plan. Things can get more expensive.

Here's my logic. If AI stocks crash as hard as people say, they can't be back at all-time highs two months later. That doesn't happen. And these IPOs need a hot market, with the Nasdaq near its highs.

Only one of those can be true.

Think about who gets paid. The banks underwriting these deals and the exchanges taking them public make their money from these two final IPOs. So I don't see them letting the market melt down before then. As long as the OpenAI and Anthropic IPOs haven't happened, I don't think we get an AI meltdown.

Don't bet on the bubble popping until all the liquidity has been extracted.

Now Worldcoin. It's co-founded by Sam Altman, and it's doing weird stuff again. To me that says it's warming up its buzz ahead of the OpenAI IPO.