The U.S. Nasdaq index, dominated by technology stocks, has risen 22% year-to-date. Such robust performance in the tech stock market suggests a demand for stocks from rapidly growing companies that are changing the world. However, why has the IPO market been lukewarm in recent years? Forbes columnists point out that investors are searching for IPOs capable of consistently outperforming the market over the long term, yet since ChatGPT’s launch in November 2022, no rapidly growing AI companies have gone public.