Mixed (−2): CAPE north of 40, IPOs of doom, fourth Lipper outflow

Shiller CAPE still north of 40 (Multpl 40.94 Fri Sep 18).

Anthropic ~$2T IPO ask still live; OpenAI private round talk ≥$1.2T / up to ~$1.5T — Private marks stay on the valuation-race chart, not public dial I — but they keep the AI multiple story extreme.

Fed +25bp to 3.75%–4.00% (first hike since 2023) — Rates rose; CAPE did not reset. DONE on the dating board.

Owen Lamont / Acadian Owenomics: “IPOs of doom” — Lamont frames Anthropic’s fall IPO as ESG-on-steroids (Extinction, Singularity, Guardrails) and draws the Pets.com parallel: hope historians do not mark Anthropic as the civilization-collapse bell. First-class framework evidence.

Fortune: “crazy days” / “silly season” + late-stage AI bubble talk — Dispersion and one-day mega moves keep greater-fool language in the mainstream.

Amodei “pace the frontier” vs Anthropic weighing a new model pre-IPO — Safety essay (Sep 12) still live; Reuters says Anthropic is considering a release to counter OpenAI’s GPT-6 Astra — safety talk and product race share the stage.

Lamont: Anthropic IPO as the symbolic new-issue moment — Same Owenomics note: issuance horseman watches whether the mega IPO becomes the Pets.com-style marker. Acadian primary.

Dating board: Anthropic may slip past Nov midterms; OpenAI stays private (≤$1.5T round talk) — Reuters: Anthropic could push IPO after midterms; marketing had been mid-Oct at earliest. OpenAI still not 2026 per Altman; private round chatter instead.

NSE India IPO: fully subscribed by Day 2; window Sep 17–21 / list ~Sep 24 — NSE = India’s national stock exchange. Non-mega issuance pulse.

Dangote Refinery IPO still open through Oct 13 — Africa’s largest-ever share sale keeps the non-U.S. mega secondary track warm.

U.S. equity funds: ~$31.44B outflows (week to Sep 18) — Fourth consecutive Lipper U.S. equity outflow week; large-cap did most of the work. Still no new-entrant stampede.

Rotation, not cash park — Same week: money-market funds also leaked; small-caps/sector funds saw modest inflows — rotation inside equities, not a flight to safety stampede.