RAISE Summit 2025 | Michael Harris, NYSE

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Michael Harris

Vice Chair and Global Head of Capital Markets

NYSE

12 signs AI infrastructure is reshaping the IPO market: theCUBE’s RAISE Summit insights

Capital markets are being reshaped by artificial intelligence, with AI infrastructure emerging as a critical pillar of how companies scale, compete and go public. What was once considered a back-end concern is now front and center in IPO roadshows and investor decks.TheCUBE’s John Furrier talks about AI infrastructure at RAISE Summit.The shift is about more than hype. Investors are scrutinizing how companies embed AI into their business models — not just to drive innovation, but to ensure long-term operational resilience. It’s no longer enough to show top-line growth; firms need to demonstrate that their AI capabilities can sustain profitability and differentiate them in crowded markets

play_circle_outline Exploring AI Trends and Wealth Creation: Insights from the RAISE Summit and theCUBE's Collaboration with NYSE

play_circle_outline Navigating Investor Confidence: The Transformative Impact of AI Across Industries and Its Influence on Revenue Projections

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Michael Harris, NYSE

Michael Harris

Vice Chair and Global Head of Capital Markets NYSE

In this conversation at the RAISE Summit 2025 in Paris, Michael Harris, vice chair and global head of markets at the New York Stock Exchange, sits down with theCUBE’s John Furrier to explore how a wave of AI innovation is reshaping global capital markets. Harris explains why secondary markets hover near record highs despite geopolitical headwinds, shares signals that private investors are accelerating IPO timetables, and details why durability plus clear AI revenue paths are now essential for going public.

The discussion covers investor sentiment as ... Read more

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Michael Harris, NYSE

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>> Hello, I'm John Furrier, here with theCUBE. We are live in Paris for the RAISE Summit. It's a two-day event, where all the leaders around the world are gathering to talk about the trends in AI and all the enablement, all the startups, the companies that are being built, and of course, the value proposition for customers, and that is also creating a resurgence and a massive growth in wealth creation. And of course, the capital markets are here. Michael Harris, vice chair and global head of markets at the New York Stock Exchange, NYSE, of course, the location of the new CUBE studio on the East Coast, connecting Silicon Valley and technology. Michael, great to have you on theCUBE here, NYSE Wired, full team coverage with Silicon Angle and theCUBE. It's great to see you.

Michael Harris

>> Great to be here. Thanks for me having on.

>> Kim's here, Brian's here,

>> my team's here, it's a real collaboration.

Michael Harris

>> The whole team's here, the whole team's here.

>> Really great collaboration, we're seeing a lot of activity. The organic buzz in the market is hot. We just had the Google CMO on, they're seeing a rise in their business. We're almost in this lift market, it's lifting up, a lot of rising tide, as they say, floating all the boats. What are you seeing out there right now? Because you're seeing the intersection of capital markets, you're seeing a lot of activity, a lot of investment on the private side. What are you seeing in the market right now?

Michael Harris

>> Yeah, sure. I think it's a couple of broad themes that we're seeing overall. In the public market specifically, it's a combination of the secondary markets are trading pretty much near all- time highs, which has been pretty astounding when you think about some of the geopolitical things that have been happening in the background. You also have, on the other side of it, public and private investing has been close to an all-time high, and as a result, you're seeing a lot of private investors that are looking at now getting money taken off the table, you're seeing companies that are looking to bring their public processes forward, and it's the right time to get IPOs done, so you've seen a number of really successful transactions come to the marketplace. But more importantly, it's been once these deals come to the market, the performance in the aftermarket has been really, really impressive, and whether it's the IPO market, the follow-on market, the convertible market, all elements of equity capital- raising have worked out really well for investors.

>> Yeah. We're at the midpoint of the year right now, and I have to say, it's been an interesting first half. But if you look at what's happening now, the market's doing great, all-time highs, you're seeing obviously this wave of innovation hitting every sector. AI is not just a tech thing anymore, it's every sector. What is the investor sentiment? Because you're starting to see a lot of activity and confidence brewing. What are some of the market moves you're seeing? What's the sentiment of the investor climate? You guys watch that closely, just what's your take? Because it feels great right now, but what's your view on this?

Michael Harris

>> Yeah, I think you feel a lot of that right now. The conversations that you're seeing in the hallways are very much focused on this sector. And I think one of the areas that people are really optimistic about is that it's impacting every single industry, every single asset class, and there's nothing that's going to be unaffected by AI, and that's trickling through what we're seeing in terms of some of the themes in the public market. So pretty much every company that comes to the public market, there is a theme somewhere about their AI strategy, and there's also an underlying theme about what's going to be the revenue lift, what's going to be the scale impact of having that theme as a part of their overall business. So investors are looking at that, they're looking at how that plays into their own revenue projections and how they think about the growth profiles of these companies, and as a result, you're seeing a lot of very, very optimistic viewpoints as you look at public markets.

>> Yeah. We were talking yesterday, we had a chat, we were visiting some cool companies here, you're on a panel, you're moderating. The durability question comes up, I think investors are trying... They love AI. Who doesn't love AI? But the durability piece is a big part of it, that's something that you guys take great care of at the NYSE, to make sure that those kinds of investments go public. You're starting to see the business models change with AI. I don't really want to get into the whole job loss thing, because I poo-pooed that many times, and in fact, debunked it, because more jobs are created. But tech is now integrated in all aspects of every company. There used to be a joke of everyone's a tech company, everyone's a data company. So you're starting to see this normality around technology being embedded in the fabric of all companies. So are you seeing a resurgence of that tech wave? We already see tech stocks doing great on the market. But the resurgence of tech in companies, has that changed the makeup of the pre-IPOs, the comeback in the IPO market, is it the productivity, what are you seeing as this resurgence?

Michael Harris

>> Yeah, we're seeing some of that, and if you look at some of the best performing IPOs of this year, they've been, not surprisingly, in the tech sector. So a great example of that is Circle, for instance, best performing IPO of 2025, a story where I think probably a year ago, a lot of people didn't necessarily understand the underlying business or understand the underlying company, but you've seen a huge buy-in from institutional investors, retail investors, and also from a regulatory standpoint, there's a lot of great momentum in their business. So those kind of stories, those underlying themes are really what's driving a lot of it.

>> Circle's a great example, I'm glad you pointed that out, because that's not on the radar, it wasn't on the bingo card two years ago, so that's a great sign that there's a new era coming. Is there traits that you see out there, just from your experience and what's happening now, of companies that go public? The bar is very high, going public is a process, you guys are experts at that. What traits do you see in companies that are pre-IPO that are going to go public? Has it changed, is the game still the same?

Michael Harris

>> Yeah, yeah, no, no, for sure. Look, you mentioned earlier the idea of durability, that's something that public investors are really focused on, and it's always, I think, a trade-off between scale, growth and profitability. And I think for every company, it's going to be a little bit of a different mix of those three. But ultimately, from a public standpoint, investors want to make sure that these companies are going to be around for a long time, they're going to be great growth businesses, and there's going to be companies that are also going to be unique in their own space. And so, that profile is really what public investors are going to look at, and every company's going to be a little bit different, but what you're seeing with a lot of companies that are coming public now, they hit all the marks.

>> Mike, I've got to say, from a personal perspective, at the Exchange now with theCUBE and partnering with Brian and the team and creating NYSE Wired and seeing the growth of Wired and hearing Lynn Martin speak at some of these bell ceremonies, because you guys do a great bell ceremony and then they ring the opening bell, I've heard the conversation, the NYSE's prestigious high- quality center of capitalism. Now, the digital world is coming together and the durability's in play, the new kinds of IPOs, what excites you these days? Because the NYSE is the center of capitalism, it's an iconic brand, a lot of action happening. What are you excited about as you're running the day-to-day, you've got the keys to the kingdom, what's exciting you these days at the NYSE?

Michael Harris

>> Yeah. Well, I think top of mind is obviously what we're seeing in the markets. So I think we're going to see a very, very active back half of the year for IPOs, I think that's going to carry through to what happens next year, so I think we're very excited about that. Second part is I think there's going to be some interesting things that we're working on in the private markets, so we're looking at hopefully making some strides in that area as well. And then also, as you think about where a lot of companies that are domiciled here in Europe, how they're thinking about their own processes, you're seeing a combination of companies that are public that are thinking about possibly redomiciling in the US or possibly listing in the US, and then, at the same time, great growth companies in Europe that are also thinking about going public in the US. And so, we are looking forward to having all those conversations.

>> So you see an in-migration into the US to get

>> that capital markets domicile, is that the driver?

>> It's really continued momentum, that's something

Michael Harris

>> that's been in place for a while. You've seen great companies, like Flutter and others, CRH, that have also redomiciled from their operations overseas here in Europe to the US, and we see that momentum continuing.

>> It makes total sense. Talking about the private, I want

>> to quickly go back to the private thing, because I think there's a lot of private activity. Obviously, we cover startups like a blanket. They stay private longer, they raise money, so you have that pre-IPO capital market dynamic of raising what used to be an IPO raise. What's going on in the privates? Can you any share any momentum there and some things you're seeing on the private side?

Michael Harris

>> Yeah, not quite yet. We're still working on a couple of things. But suffice it to say, I think we've always been very innovative in terms of ways that companies can try to raise capital for their stakeholders, direct listings being a great example of that, we did that for Spotify several years ago, and I think we're always going to be at the forefront of trying to help companies try to achieve the best things for their stakeholders.

>> He's keeping it close to the vest here.

>> Public companies, private companies, great action in the capital markets. Michael, thank you so much for coming on theCUBE.

Michael Harris

>> Thanks a lot. I really appreciate you having me.

>> Yeah, it's awesome. The intersection

>> of the capital markets and growth is coming together, public, private, international, coming into the US capital markets, it's a global economy, of course. We are here globally with theCUBE, NYSE Wired, here in Paris, for theCUBE and the RAISE Summit. Thanks for watching.