Swiggy's IPO inches closer to trading, and is the stock market dangerously overvalued?

Welcome to Cautious Optimism, a newsletter on tech, business, and power. This week’s economic calendar can be found here.

• 📈 Trending Up: Future deportations … The Musk presidency … media economics … crypto venture vibes … bitcoin’s current USD-denominated value … Coinbase, Tesla … self-writing enterprise software …

  • On one hand: Microsoft CFO Amy Hood, regarding calendar Q4: “[W]e expect to add more sequential dollars to Azure than any other quarter in history.”

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  • On the other: Slower improvement of marginal AI models at OpenAI?

Swiggy’s IPO is nearly done

Indian quick-commerce giant Swiggy’s IPO is nearly complete. (If you need a refresher on its numbers, head here.) The company will accrue a decacorn valuation in its IPO, and the transaction is oversubscribed. Still, there are some less-than-exuberant details to consider: