Core Insights - The global financial market experienced significant volatility last year, with cryptocurrencies and artificial intelligence (AI) dominating discussions, but their actual performance in the IPO market was disappointing, negatively impacting the overall investment returns of the U.S. new stock market [1][2] IPO Market Performance - Excluding closed-end funds and SPACs, U.S. listed companies had a weighted average growth of only 13.9%, which is notably lower than the 16% increase of the S&P 500 index during the same period [3] - Large IPOs (over $1 billion) had an average increase of 20%, while medium-sized IPOs only saw a 5.6% increase, indicating a return to a "fundamentals-driven" logic in the capital markets [4] Cryptocurrency and AI Sector Analysis - Despite initial confidence in the cryptocurrency sector, the market's survival of the fittest mechanism remains harsh, exemplified by Circle (CRCL), which saw its stock price drop nearly 70% from its peak after a 170% surge on its debut [3] - Investments in the AI sector have also underperformed expectations, with companies like Fermi and Navan showing disappointing post-IPO results [3] Market Outlook - Experts from PwC predict that 2025 will be a year of "significant differentiation" in the new stock market, with much higher entry barriers [3]