With $1 trillion+ AI IPOs sucking up all the capital this year, are the crowded out stocks the real opportunity?

There are some huge IPOs being talked about right now. OpenAI, Anthropic, SpaceX/xAI, plus all the AI infrastructure names around chips, data centres and compute. The obvious move is to chase the shiny new thing. But if these IPOs pull in a massive amount of capital, doesn’t that money have to come from somewhere? I’m wondering whether the better opportunity might actually be in established companies that are getting ignored while everyone crowds into the same AI and space trade.

If everyone is paying up for the future, are boring profitable companies becoming the better bet?