With so many high profile IPOs set to start in a couple of months time, I'm not surprised to see high valuations due to high expectations and interests from both institutional and retail investors. I personally feel like the market is over inflated, though the AI revolution is far from over and has more potential to grow. However, the rate at which companies' valuation is skyrocketing poses an elevated risk once money starts rotating out of the industry. It could be a great idea for swing trades on these upcoming ipos, but definitely too risky to enter full long position immediately.