Monday links: debased indices

MarketsThere is plenty of dispersion in S&P 500 stocks this year-to-date. (axios.com)IPOsOwen Lamont, "Stock market bubbles are often heralded by specific IPOs which mark their beginning and not necessarily their end." (acadian-asset.com)Will S&P follow Nasdaq down the road of early index entry for big IPOs like SpaceX? (giftarticle.ft.com)VCWhere Tether is investing it vast cash holdings. (pitchbook.com)Why it doesn't really make sense to talk about 'venture capital' as one thing anymore. (investing101.substack.com)Private assetsPrivate credit funds have a transparency problem. (wsj.com)Prime brokers are moving to give hedge funds access to prediction markets. (bloomberg.com)AIBen Thompson, "(I)f agents are making Anthropic and OpenAI the point of integration in the value chain, then the bubble argument that these companies are overvalued...may not be correct." (stratechery.com)xAI and Meta show throwing more money at AI doesn't necessarily work. (spyglass.org)Tomasz Tunguz, "Like