Pretty good analogy. Even in the worst case, making index funds the potential final bagholders is way better than making retail IPO participants ultimate bagholders given the political backdrop around Elon. Retail punters get mad fast while pension funds get confused slow. And frankly, old people have had it too good relative to the younger generations anyway. In the best case, everyone wins. Also given the public sentiment around AI, the AI companies should also try to slightly underprice their IPOs.(Galois Kevin)