IPO fever is what happens in a world of free money and easy trading

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Two IPOs coming today

The stock market is in a massive speculative bubble. The ability to borrow on margin at 1% is one of the most-powerful forces to ever hit stocks.

Today’s IPOs look like they will be astonishing. The big one is Snowflake, which was priced at $75 at the start of the week but upsized to $120 yesterday. It’s indicated to open near $180.

Another is JFrog, which is indicated at $80 compared to the $44 IPO price.

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