Bill Ackman: The IPOs that could make or break markets

AJ Bell's Head of Markets, Dan Coatsworth, speaks to Bill Ackman, CEO of Pershing Square, about the big forces shaping global markets right now.
Ackman explains why IPOs from SpaceX, Anthropic and OpenAI could be critical for market momentum – and whether they'll fuel further gains or risk investor fatigue.

He also discusses whether Alphabet's huge fundraise could be a signal markets are nearing a peak, and shares his views on geopolitical risks, including how the Iran conflict is impacting markets and when it might end.

Plus, Ackman reveals whether Anthropic might be considered as an investment, and how he's thinking about opportunities and risks in today's environment.
A must‑watch for investors navigating AI hype, IPO markets and global uncertainty.

Introduction 00:00 
Geopolitics: Iran conflict & market impact 00:17
Why SpaceX, OpenAI & Anthropic IPOs matter 01:51
Alphabet's fundraise: market top signal? 02:32
Defensive holdings? 05:13
Black swan events and hedging 06:10
Risk of investor fatigue from IPO wave 08:01
Would Ackman invest in Anthropic? 08:49