Bank of America strategist warns mega IPOs could push tech weighting past bubble-era levels
Bank of America strategist Michael Hartnett has warned that upcoming mega-IPOs from SpaceX and OpenAI could push technology's share in major equity benchmarks above 48%. This level is historically associated with market bubbles, raising concerns about forced buying by passive funds. The anticipated valuations of these companies could further concentrate the tech sector within the S&P 500.
- ▪SpaceX is targeting a valuation over $1.75 trillion and plans to raise up to $75 billion in its IPO.
- ▪OpenAI's recent private valuation reached $830 billion after a significant investment round.
- ▪Hartnett compares the current situation to historical market bubbles like the Roaring ’20s and the Nifty Fifty era.
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Bank of America strategist warns mega IPOs could push tech weighting past bubble-era levels SpaceX and OpenAI listings could drive technology's share of equity benchmarks above 48%, triggering forced buying by passive funds. Share Add us on Google by Editorial Team May. 22, 2026 window.sevioads = window.sevioads || []; var sevioads_preferences = []; sevioads_preferences[0] = {}; sevioads_preferences[0].zone = "01f21ccf-2092-46b1-9ac7-8c44cc782e0f"; sevioads_preferences[0].adType = "native"; sevioads_preferences[0].inventoryId = "c5700508-581b-472c-8fdd-a931cdbfc8e1"; sevioads_preferences[0].accountId = "1e47efc1-ec2d-4fca-a8b9-354e249e5095"; sevioads.push(sevioads_preferences); Bank of America’s chief investment strategist Michael Hartnett warned on May 22 that anticipated mega-IPOs from…
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