US stocks set to sag at the open. Eyes on the CoreWeave IPO

S&P 500 futures are down 8 points, which isn’t bad given all the angst in the world. I tend to think some of the quarter-end rebalancing flows are at work in the past couple days but time will tell.

Another trend that’s unfolding is a re-think on who will be the big winners in the AI race. I believe there is a shift now going from the benefits going to the people who make the platforms (it’s being commoditized) to the people who use AI (it’s harder to game out the winners).

In that context, data center company CoreWeave is launching an IPO today and early indications are poor, as pricing and size have been lowered. Nvidia also had to step in with a big order. It’s priced at $40/share, keep an eye on how it trades (it will likely take a few hours to open).

This article was written by Adam Button at www.forexlive.com.