Title: Haymaker Daily — A Billion Ain't Worth A Trillion
Show: Haymaker (Substack) — Haymaker Daily
Guest: David Hay / The Haymaker Team
Date: 2026-06-04 (PAID)
URL: https://haymaker.substack.com/p/haymaker-daily-4e6
Length: written post (no timestamps)
Note: Summary of the macro Haymaker Daily; key figures preserved. No audio/timestamps.

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(Citing Vincent Deluard.) Since the New York Stock Exchange was founded in 1792, there have been roughly $1.5 trillion of IPOs in total — yet about $4.6 trillion are slated to hit the market this summer alone. IPO valuations are typically modest at debut: Google's 2004 Dutch Auction was a $23B total cap.

This looming issuance may be why so few stocks are joining the new-high party — only about 5% of the S&P 500 is at all-time highs, with money possibly already leaving the other ~475 names to prepare to pay for the IPOs, while only the most exciting AI names keep hitting highs.

The actual cash drain is less than 10% of the $4.6T headline — the rest stays locked up with management, employees, and early VCs. But before long, hundreds of billions to trillions in share value will hit the market, and because most of these get fast-tracked into the S&P 500 and NASDAQ, index operators must buy them in rising quantities. That is a recipe for escalating selling pressure on the rest of the market — including, perhaps particularly, the Magnificent Seven.