Investors are going bananas for MANGOS.

Last week, another sophisticated investor challenged our decoupling narrative with an argument that the markets have not decoupled, but are bifurcating, with the technological boom that is Artificial Intelligence (AI) more than offsetting the economic challenges posed by other recent developments.

Setting valuations aside, we were struck by how much of the AI story is playing out in public markets. Year to date, nine of the ten best-performing companies in the S&P 500 have benefited from AI-driven demand for servers, storage, facilities, testing equipment, power, chips, and other inputs.

On Friday, the market celebrated SpaceX ’s successful IPO. The stock surged 19% to finish the week with a market capitalization of $2 trillion. (SpaceX acquired Elon Musk’s artificial intelligence company xAI for $250 billion in February.)

Anthropic and OpenAI have also filed for much anticipated IPOs. Alongside SpaceX, the market is looking at three companies listing in 2026 with valuations near – or well above – $1 trillion. These three join fourteen other companies with trillion-dollar valuations.

The markets have coined a new acronym, MANGOS (for Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX) for these dominant AI companies currently leading the markets.

We continue to assess the impact of these behemoth companies on the infrastructure and functioning of the markets, raising questions around valuations, index inclusion, unprecedented levels of concentration, and economic inequality and vulnerability, among others. And hope the MANGOS don’t spoil.

ARCHIVE
Not Yet, June 8, 2026
Decoupling, June 1, 2026
Magnifica Humanitas, May 25, 2026
Smooth Seas, May 18, 2026
The Fed, May 13, 2026
Planes. Trains and Automobiles, May 4, 2026
Canaries, April 20, 2026
Integrity, April 13, 2026
Liquidity, April 6, 2026
Democratizing Private Equity – Part II, March 23, 2026
Democratizing Private Equity – Part I, March 16, 2026
Watching the Lights Turn Red, March 9, 2026
Watching the Lights Turn Green, March 2, 2026
Las Cucarachas, February 9, 2026
Gold Math, February 2, 2026
Uncorrelated, January 26, 2026
A Contrarian Trade? January 20, 2026
Woe is Me, January 12, 2026
Investing for Impact, January 5, 2026
2025

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