Week in review
- China inflation rose 1.1% y/y in Jun
- China PPI rose 4.1% y/y in Jun
Week ahead
- China GDP growth, retail sales, imports and exports
- Korea interest rate decision
- U.S. inflation rate
Thought of the week
The expected rebound in mega IPO activity underscores how much capital is being mobilized to finance the AI buildout, with several large private technology and AI-related businesses potentially coming to market at valuations well above prior-cycle levels. Public listings can broaden investor access to companies that have been supported by deep pools of venture and private equity, while also signaling confidence in macro conditions and equity market appetite. The nuance is that large IPOs do not automatically translate into meaningful index exposure or durable shareholder returns. Newly listed shares must meet index-specific eligibility rules related to seasoning, liquidity, profitability and investability, and early IPO trading has historically been volatile. Short-term enthusiasm has not consistently translated into longer-term performance, particularly when valuations move ahead of fundamentals. A more durable approach is to look beyond headline deal size and valuation, and focus on how newly public companies establish operating credibility, liquidity and transparency in public markets over time.
North America IPOs by announcement

Source: Bloomberg, PitchBook Data, Inc., J.P. Morgan Asset Management. Data reflect most recently available as of 09/07/2026.
Market data

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All returns in local currency unless stated otherwise.
Currencies’ return are based on foreign currencies per U.S. dollar. An appreciation of the foreign currency against the U.S. dollar would be positive and a depreciation of the foreign currency against the U.S. dollar would be negative.
