Opening Bell: September 11, 2025

Key Concepts:

• On-demand delivery (e.g., Diet Coke)
• IPO market
• SPACs (Special Purpose Acquisition Companies)
• IPO Issuance
• Asymmetric Return

Opening Bell and IPO Market:

The discussion begins with the opening bell on the CNBC Realtime Exchange, coinciding with the 24th anniversary of 9/11. A stablecoin lender, Bigger Technology, is celebrating its IPO at the Nasdaq.

Tania's Comments on the IPO Market:

Jim is asked for his thoughts on Tania's comments regarding the IPO market. He states that the IPO market is "open" and buoyant, a situation they are not accustomed to. He notes that this positive IPO environment has been present since 2014, spanning 11 years, with the exception of the 2020 period.

SPACs and Their Impact:

The 2020 period was "tainted" by SPACs. While SPACs made IPO issuance appear higher, the quality of many of these companies was low. Furthermore, there was an "asymmetric return" available to the sponsors of the SPACs. This means the sponsors benefited disproportionately compared to other investors.

SPACs Today:

SPACs have not disappeared entirely, a point that has been made repeatedly.