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Running a public company involves dealing with amplified scrutiny compared to a private company, where issues are discussed privately with VCs rather than publicly on platforms like Reddit or in the Wall Street Journal.

The IPO market is becoming a dumping ground for unimpressive companies that can't attract enough attention in the private market.

Apple's cash flow is $118 billion, with $77 billion being paid back to shareholders, indicating a lack of innovative investment.

The IPO market in 2025 is filled with unimpressive companies, with Fermi America exemplifying this trend by relying on hype rather than substance.

The IPO market in 2025 is seeing a trend where impressive companies stay private, while less impressive ones go public, similar to the SPAC trend.

ARM's market cap has grown to $150 billion after going public, despite initial difficulties in finding a bidder.

The investment bankers selling Fermi America's IPO should be embarrassed, as the company lacks real business fundamentals.

Apple's innovation has stalled, with its cash flow being used primarily for shareholder payouts rather than new developments.

The concentration of market value and earnings growth in a small number of companies poses risks. A significant market drawdown could trigger a recession, especially if AI expectations are not met.

The IPO market is declining, with fewer public companies and unimpressive IPOs, as companies prefer private funding over public markets.