The Market
Analysis Evening
A closed-door briefing for corporate delegations: what a physics-grounded theory of intelligence means for markets, capital allocation, and strategy over the next decade — before it reaches the public stage.
The AI IPOs: Priced for AGI, Built on Narrow AI?
Are today's AI companies on a path to AGI that justifies their valuations — or is this the largest mispricing in market history? We evaluate each IPO against how the Department of Defense defines real AGI — a standard we know from direct experience. You leave with a science-based valuation framework: which AGI assumptions are priced in, the evidence behind them, how valuations move under alternative scenarios — and why AGI is a top priority for intelligence agencies, the risk overlay the market isn't pricing.