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Greetings! Did you hear that pop? Tech initial public offerings are getting loud, a little silly, and highly profitable for investors again. Banking app Chime’s share price jumped 37% above its IPO price Thursday, its first day of trading on Nasdaq, lifting its market cap past $15 billion. It’s the latest in a string of price pops that are helping to assuage IPO investors’ fears, and instead inject them with serious cases of FOMO. Consider this stat: Chime made six consecutive tech IPOs in the past month that have increased by double-digit percentages in their debuts. That’s the first time that has happened since the IPO market shut down three years ago, according to my analysis of data from Morgan Stanley, the bank that led Chime’s IPO. Chime’s debut immediately followed those of stablecoin issuer Circle and space tech firm Voyager, which both soared this month following their IPOs. CoreWeave, which had a tougher debut in March, is up 270% since its listing. (I wrote about why last week.) It’s all part of the IPO market’s pop psychology—if you’ll pardon the pun. The price pops help grease the wheels for new investors who are looking to get easy, fast profits. Those investors are more likely to put in purchase orders for upcoming tech IPOs like travel software firm Navan, which we scooped today would go public in the fall, or fast-growing design software startup Figma, which also has an IPO slated for the coming months. Of course, these easy profits for Wall Street don’t seem fair to earlier backers like venture capitalists and employees, who are typically locked up from selling for several months. (No one’s crying for them because of their potential to make much bigger profits from their early stakes.) And IPOs are certainly a more expensive way to raise money for many founders right now than the private markets, where the money is coming easier and without the hassles of being a public company. A steep down-round IPO is a risk founders might not want to take. Behind the scenes, investors and bankers are chattering about when the real action will start in the IPO market. The ready availability of private money means we still haven’t seen the very top tier of companies, such as Stripe and SpaceX, go public. They can raise money easily from private investors without taking a discount to go public. But FOMO also exists on the big company side when they see the stock prices of their smaller peers soar. A likely FOMO candidate is Databricks, a data analytics and AI software giant. Databricks was valued in a $10 billion private share sale in December at $62 billion. It told investors at its annual conference this week that it expected its revenue run rate to hit $3.7 billion by July. Even at that large scale, it still would boast the fastest growth rate of any publicly traded software company. With those kinds of numbers, combined with the recent spate of IPOs, it’s going to be hard for Databricks to resist going public. Employees have to be asking: When are we next? FOMO always wins. Generally, GameStop investors have exhibited the type of zealotry that has led other people toward deep political partisanship. Yet after all the meme stocks and bitcoin stockpiling, investors in the videogame retailer may finally be coming to their senses. What did it take to get them there? The prospect of mounting debt. GameStop shares lost nearly a quarter of their value today after the company unveiled a plan to sell $1.75 billion in convertible notes for “investments”—which could mean more bitcoin buying, though the company didn’t say. (I envision the GameStop corporate treasury at this point as a pile of rainbow-colored Monopoly money.) The offering would follow an earlier $1.3 billion bond sale announced in March. Debt does seem to have the ability to sober up even the most exuberant investors. Just a few weeks ago, shares of Donald Trump’s social media company also tumbled when shareholders were jolted by its decision to use $1 billion in debt—and more than $1 billion from a stock sale—to amass bitcoin.—Abram Brown • As part of its review of a proposed merger between Interpublic Group and Omnicom Group, the Federal Trade Commission has proposed a condition on its approval of the deal that would prevent the combined company from doing advertising boycotts of platforms related to political content, The New York Times reported. • Google Cloud experienced a major outage that impacted several of its services around the world. • Apple is aiming to release an artificial intelligence-powered upgrade to Siri assistant in spring 2026, Bloomberg reported. • Mattel partnered with OpenAI to develop AI-powered toys and games. 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