Trillions in Tech IPOs: Will the Market Waltz or Stumble?

Tom Lee, a man whose confidence is as boundless as a Russian steppe, does not believe that this wave of IPOs will derail the markets. Even if these offerings were to eclipse the dot-com boom in scale, he insists, the markets will remain as steady as a peasant’s cart on a muddy road. One can only admire his faith in the resilience of human greed.




![The study demonstrates that a multiplicative functional form consistently predicts endogenous elasticities-decreasing continuously from prior values as the ratio [latex]V^{a}E^{b}/\theta[/latex] shifts from less than to greater than one-and exhibits regime duality, contrasting with the fixed elasticities assumed by common specifications like CES and log-additive models, all while operating under parameters [latex]a=1.0[/latex], [latex]b=0.5[/latex], [latex]\theta=1.0[/latex], [latex]H=0.6[/latex], and [latex]M=1.15[/latex].](https://arxiv.org/html/2605.22569v1/x1.png)


