On October 6th, it was reported that current IPO activity on Wall Street has significantly slowed down, with weak demand for new stock issuances and mounting concerns over inflated valuations, putting pressure on the anticipated listing boom this quarter. The postponement of listings by Anthropic and OpenAI has further eroded confidence in the U.S. equity capital markets. An equity capital markets head at a major U.S. asset management firm stated that the current market focus is almost entirely on Anthropic. The boom in business for investment bankers this year has largely been driven by SpaceX's IPO in June. However, as concerns over downside risks in the AI industry intensify and public opposition to data center construction rises, the IPO market has nearly ground to a halt in recent weeks. The banker also noted that investors are beginning to question the 'unrealistic' valuations of companies associated with the AI investment boom. Data from BCA Research shows that shares of tech companies listed this year have averaged a decline of approximately 23% since their first trading day, further fueling concerns that banks may have overpriced their underwriting services.