the hit to microsoft the other day was pretty interesting
I saw reports attributing it to a miss on earnings from Azure but they were off by 0.4% on 39% growth. That's 39% instead of 39.4%. And the company stock dropped 10%. This is all of Microsoft - 10% down (!).
It has to tell you there are a LOT of people primed to sell in a hurry on bad news. The "bubble" talk subsided a lot after nVidia smashed earnings last quarter, but largely overlooked how much their whole situation is based on pent up demand. It completely masks the fundamentals.
I still feel like we're sitting on a volcano and seeing puffs of smoke and feeling earth tremors.
The intense race to dump the risk on the public and cash out (OpenAI ipo, Musk folding xAI into SpaceX for that IPO) is very telling.
The same thing that YC does…
https://medium.com/@Arakunrin/the-post-ipo-performance-of-y-...
You generally want to IPO (and fundraise in general) at the most favorable terms possible — not when there are market headwinds.
Not if you see the IPO as your only remaining exit strategy for a juggling act that is threatening to rain down on your head when it collapses
I always wanted to crunch the numbers but never got around to it, so I'm glad someone actually went and did it. YC company IPOs always smelled like pump-and-dump than a true liquidity/fundraising event, and if those numbers are correct, I was right. Or to put it another way, if someone asks "should I buy IPO shares in a YC company", the answer is "no".
Absolutely. What we’re seeing is a familiar pattern in tech: when things go well, the rewards are private, but when the risks build up—whether financial, regulatory, or technical—they get socialized onto the public. IPOs become a way to offload responsibility, recapitalize, and let early stakeholders cash out while passing long-term uncertainties to a broader set of investors and the market itself.
As I understand it, it was in part about their Azure miss more about capital expenditure and market anxiety around their OpenAI investment ROI.
Also a portion of their Azure spend was some clever accounting they did if memory serves me
https://www.geekwire.com/2026/microsofts-historic-plunge-why...