Unlike Palantir or Robinhood, which seem to be trading more on narrative and sentiment swings, AppLovin is delivering tangible growth backed by expanding margins and massive free cash flow.

Notable IPOs have finally started hitting the tape in 2025, reflecting a meaningful shift in sentiment. Both CRCL and CRWV shares are up from their initial debuts, though CRCL has seen much of its IPO gains evaporate.