E125: Dislocation in the pre-IPO stock secondary markets vs primary markets, AI M&A activity ramping up, AI "sub" asset classes emerging, AI application/implementation layer paramount for AI ecosystem revenue

Send us Fan MailAI SHOPS SELLING-Inflection AI sold to Microsoft and Stability AI, Humane looking to sell-Inflection AI sold for $650m; investors get 10% to 50% return on investment-Stability AI last published round in Oct 2022 at $1.0b; $5m Q1 2024 revenue, -$30m Q1 2024 net income, $100m in outstanding payables to cloud computing providers-Humane looking for a $750m to $1b price tag-Winners and losers are starting to shape up in the AI play?-AI "asset classes" ; chips, cloud, data, models, application/implementationPRIMARIES LOWER THAN SECONDARIES-YES! Anduril targeting $12.5 valuation, secondaries at $13.2b-YES! Groq targeting $3.0b valuation, secondaries at $4.4b (-32%)-NO! Revolut targeting $33b valuation, secondaries at $21.6b-NO! Scale AI closed $13.8b valuation, secondaries at $7.4b last week-Super interesting price activity here in primaries vs secondaries