Major Funds Adjust Positions Ahead of SpaceX, OpenAI IPO Expected Near Trillion-Dollar Valuations

According to Jin10, as SpaceX and OpenAI near public listings, large U.S. mutual funds and passive index funds are raising cash reserves and potentially trimming holdings in existing large-cap tech stocks to prepare for incorporating these new mega-cap companies into benchmarks. According to John Flood, managing director at Goldman Sachs, historical data shows stock mutual funds increased cash reserves before each of the four largest U.S. IPOs over recent decades.
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