IPOs roar back, Asia’s AI race, and the genius of stablecoins

In this episode, the 60/40 gang welcomes new analyst Aleksey Mironenko and dives into the IPO revival in Hong Kong and India. He argues that leaner companies and shifting geopolitics are pushing growth stars to list closer to home instead of chasing Wall Street glory.

India’s local heroes are cashing in on higher valuations, while Hong Kong is reaping the benefits of China’s evolving landscape – a wave that may finally make the region’s public markets prime time again.

Meanwhile, the team weighs in on the AI hype, pointing out how large language models might soon be as commoditized as telecom – highly competitive, hard to defend, and ultimately only as valuable as the unique data they serve.

The real kicker? The US’ Genius Act, a regulatory play to make stablecoins the digital backbone of the global dollar, turning Circle and Tether into quasi-banks and extending USD dominance even further.

Check out the full episode on your favorite platform: YouTube | Spotify | Apple Podcasts.

Timestamps

[00:00] Welcome back + Meet new co-host Aleksey Mironenko

[01:20] The IPO window is open – is Asia ready to step through?

[04:45] Why Chinese and Indian tech giants are listing closer to home

[06:20] Geopolitics, dual listings, and the case for staying off the Nasdaq

[08:50] India’s IPO moment: retail frenzy, deep markets, and homegrown confidence

[11:30] Why Singapore (still) isn’t a real contender for IPOs

[13:10] Are we headed for a bifurcated AI world? Two tech stacks, two chipsets