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Forget AI. Any company in the S&P could set fire to their entire business in a pivot to Labubus.

A certain amount of required scrutiny and experience derisks that possibility. Also remember pre-IPO the valuation isn't set by the broader market, so you don't know if any of these valuations are even real. Do we want to set a precedent where banks can put any price tag they want on a pig everyone is forced to buy?

Once these companies go through the same process Google or any other S&P member did, they're welcome to join the party.