AI-linked companies have surged from nearly a quarter to 45% of the S&P 500’s market cap since ChatGPT’s launch, led by majors like Microsoft, Nvidia, Amazon, Alphabet and Meta. The momentum is now mirrored in fixed income: AI-linked investment-grade debt has grown to $1.4 trillion, 15.4% of US credit—raising the stakes for market concentration risk.
Global markets are showing surprising resilience amid geopolitical worries, especially in the US. Investors expected tighter links between financial assets and oil, but correlations are weakening. Meanwhile, the dollar appears to track equity performance more than crude, pointing to a market shift toward corporate earnings and AI-driven themes rather than commodity moves.
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