Good morning and happy Friday. The IPO market is open for business. Shares of chip designer Arm were priced at a healthy $51, launched at $56.10, and ended the day at $63 yesterday, an increase of 25% that left the company’s valuation at $65.2 billion—roughly double the price Masayoshi Son’s SoftBank paid for it in 2016. That will help the legendary investor get over his WeWork debacle. It’s the biggest IPO since carmaker Rivian debuted in 2021. Don’t expect a big flood of IPOs to follow. Arm’s price got an extra boost from investor enthusiasm about AI, which has increased...