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THE ECONOMIST: The era of speedball capitalism has dawned
In the past year American markets have digested the largest ever initial public offering (SpaceX), equity raise by a public company (Google) or a foreign firm (SK Hynix), private-funding round (OpenAI) and private-debt deal (Broadcom), as well as most of the biggest bond issue in history (Amazon). There was the first $1trn exchange-traded fund, or ETF (Vanguard), a record-breaking cash pile (Berkshire Hathaway) and stock-buyback programme (Nvidia) and the consummation of the largest-ever leveraged buyout (Electronic Arts).