[Founder of Research Affiliates: The Wave of Giant IPOs May Drag Down the U.S. Stock Market for Years] According to a report by Golden Finance, on June 5, Rob Arnott, founder of Research Affiliates, stated that ultra-large IPOs such as SpaceX, Anthropic PBC, and OpenAI could divert tens of billions of dollars away from existing stocks, potentially dragging down the broader stock market for years. After S&P Dow Jones Indices decided not to quickly include these large new stocks in their indices, this diversion effect may take some time to manifest. However, in Arnott's view, as these companies gradually increase their weight in the indices, their impact would naturally take longer to ripple through other parts of the market. Arnott, a pioneer in smart beta investing, has seen his firm's strategies adopted by institutions like Pimco and Invesco. Arnott remarked, "This will disrupt the capital markets, and it is already disrupting the capital markets." He is renowned for his research on fundamental indexation, an approach that determines index component weights based on metrics such as earnings and cash flow.