Previously, buying tech stocks could yield huge profits. Amazon went public in 1997 with a market capitalization of just over $400 million; it was a bookseller and even losing money. Now it's worth over $2 trillion. Google went public in 2004 with a market capitalization of around $23 billion, reaching $27 billion on its first day. Now it's worth over $3 trillion. They all grew from small market capitalizations to giants, with the secondary market following them for decades. What about now? SpaceX went public in June this year with a market capitalization of $1.77 trillion, surging to $2.1 trillion on its first day. Anthropic is preparing for its IPO, aiming for $1.5-2 trillion. The private equity stage pushes them to the sky, driven by institutions and sovereign wealth funds. By the time retail investors reach them, the price is already "mature" or even mortgaging the future. Previously: After listing, they slowly grow, and the secondary market profits. Now: Private equity firms grow them into giants, and the secondary market takes over. Making money is really hard now; you have to be careful. Technology Stocks, IPOs, SpaceX, Anthropic