Qiao Wang: Holding Nvidia and TSMC, Why I Don't Chase AI Giant IPOs On October 26th, Alliance founder Qiao Wang (@QwQiao) stated in a live stream that he never participates in IPOs, especially for companies like OpenAI and Anthropic that haven't fully demonstrated profitability. He believes IPOs carry adverse selection risk, as the offering price and timing are determined by the sellers, leaving buyers with significant uncertainty. Compared to participating in IPOs early, he prefers to wait for stock prices to fall or for companies' profitability and competitive advantages to become clearer before considering buying. Regarding tech stock allocation, he still holds shares in Nvidia, TSMC, and other large tech companies like Amazon, Microsoft, Google, and Meta, but his holdings in Nvidia and TSMC have significantly decreased compared to three years ago. While he is optimistic about the management teams and competitive advantages of these two companies, he remains cautious about their short-term performance. He also holds Bitcoin and Zcash. Source: threadguy