Chamath Palihapitiya, a prominent tech entrepreneur, has warned that the IPO market may be nearing saturation and that companies entering later in the cycle could face greater risks due to the increasing demand from potential IPO hopefuls. He compared the IPO pipeline to a Thanksgiving feast, highlighting potential risks such as the potential impact of tactical events such as Iran's situation and the influence of advanced AI technology on the market. He also warned that if AGI is real, the long-term durability of most companies could be minimal, raising questions about their ability to raise hundreds of billions of dollars. The warning comes amid an anticipated wave of tech IPOs expected to add trillions in new market capitalization and increase competition for institutional, retail, and sovereign wealth fund dollars across U.S. equity markets.