$VCX Listed on the NYSE today, up 143% on its first day. This is a public VC fund that allows retail investors to buy a basket of top-tier unlisted AI companies on the open market. Holdings distribution: Anthropic 21% Databricks 18% OpenAI 10% Anduril 7% SpaceX 5% The top 7 holdings account for 75%, essentially a basket of AI pre-IPO companies. Why the surge? Because retail investor demand for these companies is extremely high, and there are almost no conventional channels to buy them. $VCX essentially opened a floodgate, causing an instant imbalance between supply and demand. The fund's NAV was approximately $25 per share, now at $76. Retail investors are buying with 3x NAV, indicating extremely high FOMO (Fear of Missing Out). The risk-reward ratio of chasing the first-day gains of a closed-end fund with 3x NAV is very poor. Closed-end funds mostly revert to trading at a discount in the long term. However, as long as OpenAI/Anthropic has not yet IPOed, this scarcity premium will not completely disappear in the short term. What's worth noting is Robinhood's similar fund, $RVI, which fell 16% on its first day of trading two weeks ago and is currently trading at a discount of about 7%. The reason is that its holdings don't yet include popular AI stocks like O/A/S. If it's bullish on the market, these will likely be added later, making now a good time to buy.