Maybe it is just the conspiratist in me but it seems there is a recent full court press to prop up the falling technology stocks (Magnificent Seven and others) and the stock market as a whole in the last week or so. I believe it is more than just delaying the inevitable stock market crash for as long as possible. Today is the ARM IPO and that seems to be the immediate goal. Wall Street couldn’t have a full blown, tech stock decline before this IPO takes place. It is important on many levels to try and open up the IPO market again(there are numerous companies waiting to go public) as well as keep the narrative going that we aren’t in a recession. The most blatant example was the Monday upgrade by Morgan Stanley of Tesla. The bullshit hype about their Dojo computer being worth $500 billion in additional market cap value is laughable. It was perfectly timed for this week with the ARM IPO needing to be priced(yesterday) and start trading.(today) Throw in the “closed door” Senate hearing on regulating AI where all the main players CEO’s were called to appear and I smell a rat. As much as the govt. wants to and will regulate AI to some extent, I think part of this closed door confab was to pressure the CEO’s to make sure their companies, many of which already expressed some interest in investing in the ARM IPO, do so and in a strong way to make sure it isn’t a flop. If the offering goes south shortly after trading begins later today, the stock market would tank and the IPO window would probably shut down for months at least. The CEO’s of all these trillion dollar market cap companies were probably urged to strongly support this deal by investing and holding on to whatever stock they buy in ARM for the long term. While this confluence of levers being pulled will probably insure no disaster with the IPO and keep the stock market afloat for a little while longer fundamentals and fund flows will eventually will out.