Vanguard Fund's S&P 500 tracker has become the first exchange-traded fund (ETF) in the world to hold more than $1 trillion in assets under management, as per a Financial Times report on Wednesday.
The feat points to massive pools of passive money ready to be utilised for buying shares in some of the biggest IPOs slated for launches later in the year, including Elon Musk's SpaceX and Dario Amodei's Anthropic.
An ETF is an investment fund that holds a basket of assets (such as stocks or bonds) and trades on a stock exchange like a stock. AUMs refer to the total value of money investors have put into the fund.
Wall Street's S&P 500 index has been on quite the winning streak despite headwinds from the US-Iran war, energy disruption and the subsequent surge in global crude oil prices.
ALSO READ: Dow Sheds Over 400 Points As Oil Climbs; S&P 500, Nasdaq Slump
The index has jumped 10.61% year-to-date, and 26.81% in the last 12 months, largely because of an AI-led tech tally. S&P 500 gained for nine straight sessions, topping the 7,600 mark on Monday after Nvidia announced a blockbuster partnership with Microsoft to manufacture the next generation of PCs.
“Tech continues to dominate the market,” veteran strategist Louis Navellier told Bloomberg News.
IPO Pipeline
Artificial intelligence startup Anthropic confidentially filed for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC), taking a key step toward what could become one of the largest public listings in market history.
The company confirmed the filing on Monday, saying the move gives it the option to proceed with an IPO after the SEC completes its review process.
ALSO READ: Anthropic Files Confidential IPO Papers, Setting Stage For Potential Record-Breaking AI Listing
"This gives us the option to go public after the SEC completes its review," Anthropic said in a statement. "The proposed initial public offering will depend on market conditions and other factors."
Meanwhile, reports indicate that the Elon Musk-led SpaceX is aiming to raise at least $75 billion through its upcoming initial public offering (IPO), targeting a valuation of approximately $1.75 trillion, including a greenshoe option.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
