AI has become the core driving force of US stocks, with technology accounting for nearly half of the S&P 500's market capitalization.

November 6 — A sell-off in the U.S. stock market has revealed a sobering fact: the artificial intelligence industry is now dictating the trajectory of the entire financial market and even the macroeconomy. The prospect that newly elected Democratic lawmakers could slow data center construction was enough to trigger a sharp decline in U.S. stocks this week. This phenomenon is not hard to understand. As of November 3, since OpenAI released ChatGPT, the total market capitalization of the S&P 500 has increased by nearly $32 trillion, with more than half of the gain coming from just 10 companies, all of which are related to artificial intelligence.

Currently, about 44% of U.S. pension holdings — $610 billion — are tied to the tech industry. And the impact of artificial intelligence extends far beyond the tech industry itself. Power generation companies, turbine manufacturers, uranium miners and many other businesses have all tied their own development to the AI boom, and their stock prices now fluctuate with the trajectory of the entire AI supply chain.