Wall Street Wants You to Chase the SpaceX, Anthropic, and OpenAI IPO Hype. History Tells Us That’s a Dangerous Game.

Cerebras’ (CBRS) IPO is the perfect example of how rushing to own the latest “hot” stock can make you a financial victim in just a matter of days… or even hours.

With three historic initial public offerings coming soon from SpaceX, Anthropic, and OpenAI, I fear that the stock market has entered its most dangerous phase yet: the era of emotional price discovery .

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For over a year, the private markets have operated as a hyperinflated echo chamber, bidding up anything with an artificial intelligence or advanced tech narrative to eye-watering valuations. Now that these massive entities are finally migrating to public exchanges, we are witnessing a highly predictable structural pattern. The deal prices with immense hype, explodes on day one, and immediately begins to rot under the weight of real-world technical gravity.

Cerebras, the wafer-scale chipmaker that debuted two weeks ago, was heralded as a paradigm-shifting success. It priced at $185, opened at a wild and crazy $350, and finished its first session at $311 — giving a company with $510 million in 2025 revenue a temporary, staggering market capitalization of $95 billion.