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A data point suggesting we’re not at the top of the AI bubble: Earlier today, IBM announced it’s acquiring Confluent for $11B, a 34% premium to Friday’s close. That said, shares are still down 67% from their October 2021 all-time high ($93/share). It’s hard for me to imagine we’re at an AI peak when companies are being acquired for less than half of what they traded at before the AI trade even started. $CFLT is in our $LOUP ETF, which focuses on frontier tech companies below $500B in market cap. For those new to story: Confluent helps companies pipe all their data from different systems into one place so they can feed their AI models with accurate, real-time information.