On October 26, Alliance founder Qiao Wang stated during a livestream that he never participates in IPOs, especially for companies like OpenAI and Anthropic that lack consistent profitability. He believes IPOs involve adverse selection, preferring to wait for lower prices or clearer profitability. He currently holds shares in NVIDIA, TSMC, Amazon, Microsoft, Google, Meta, Bitcoin, and Zcash, though his NVIDIA and TSMC positions are significantly smaller than three years ago.