Finance Docket: AI Frenzy Drives IPOs, IRS
Welcome to the reimagined newsletter featuring exclusive commentary from Dealbreaker and Above the Law.
In financial industry legal news this week, it’s been (almost) all about artificial intelligence, the frenzy for which has reignited the initial public offering market.
All three of the big recent debutantes are, in their way, AI plays, none more so than chip designer Arm, which raised nearly $5 billion in the biggest stock-market debut since late 2021.
Machine-learning madness hasn’t just revived interest in tech IPOs, which have been on ice for two years, but new listings generally — perhaps, anyway.
Less welcome is the taxman’s investment in AI, with the Internal Revenue Service planning to sic its fancy new computers on partnerships, using them to pick 75 unlucky hedge funds, real-estate partnerships, and law firms, among others, for some unwanted extra scrutiny.
That comes as AI’s brain trust spent a few days in Washington promising to brush their teeth and eat their vegetables, while also trying to mold the coming regulatory crackdown to their liking, even as generative AI arrives on Wall Street and on lawyers’ desks.
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It includes our detailed look at the IPO frenzy, along with our deep dive on the war between AMC Entertainment’s APEs and apes, and of course our coverage of all things AI.
