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Analyst: No Bubble in U.S. Stocks, IPO Surge Ahead

2/2/2026

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Summary

Story summary

Owen Lamont of Acadian Asset Management says the U.S. stock market is not in a bubble despite soaring tech valuations.
He notes the absence of significant equity issuance as a key indicator.
He also says 'smart money' investors are not selling overvalued stocks.
Lamont's framework for bubbles includes overvaluation, bubble beliefs, equity issuance, and inflows.
Analysts expect a potential IPO mega-cycle, with OpenAI planning to go public in late 2026.

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Story summary

Owen Lamont of Acadian Asset Management says the U.S. stock market is not in a bubble despite soaring tech valuations.
He notes the absence of significant equity issuance as a key indicator.
He also says 'smart money' investors are not selling overvalued stocks.
Lamont's framework for bubbles includes overvaluation, bubble beliefs, equity issuance, and inflows.
Analysts expect a potential IPO mega-cycle, with OpenAI planning to go public in late 2026.