The AI era's flagship stocks are priced by plumbing, not profits.
Passive index committees rewrote inclusion rules so funds absorbed $51 billion of insider SpaceX supply at premium prices, while a gross-versus-net accounting ambiguity in one private lab's revenue erased and restored hundreds of billions across the AI complex within two sessions.
The same conclusion keeps arriving from across the workspace's research — 2 topics independently instantiate this theme. Filter the evidence by where it came from:
Mechanical index demand, not fundamental valuation, set the clearing price for $51 billion of insider supply and held the stock 20% above IPO through four unlock tranches.
A gross-versus-net revenue ambiguity at one private lab wiped out an estimated $500 billion of public equity value in a single session before reversing.
A gross-versus-net counting question in one private lab's run-rate erased and restored hundreds of billions across public chip stocks in two sessions — flagship AI stocks priced by plumbing, not profits.