00:00It's Benzinga bringing Wall Street to Main Street.
00:02Fears that artificial intelligence will disrupt the software industry have derailed what was
00:07expected to be a blockbuster year for IPOs, according to the Wall Street Journal.
00:11Tech stocks tumbled earlier this month, and the sell-off accelerated after a viral blog post
00:16about AI risks. Blackstone-backed Liftoff Mobile pulled its offering and ClearStreet withdrew
00:21its IPO, citing poor market conditions. Three-quarters of tech companies that went public
00:27last year now trade below their IPO prices, and the class of 2025 tech IPOs is down an
00:33average of 21%. The three tech IPOs completed this year are down 36% through Monday's close.
00:40Bankers expect mega offerings such as SpaceX to dominate, while crypto firms like Circle
00:45Internet Group have outperformed. For all things money, visit Benzinga.com.
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