AI-related stocks currently account for 45% of the S&P 500 Index’s total market capitalization, while credit markets face simultaneous pressure.

The Kobeissi Letter (@KobeissiLetter) revealed that AI-related stocks currently account for 45% of the S&P 500 Index’s total market capitalization—a record high and a 20-percentage-point increase since ChatGPT’s launch in November 2022. Meanwhile, AI-related investment-grade debt has risen to 15.4%, making it the largest segment of the U.S. credit market—an increase of 3.5 percentage points since 2020, with the corresponding debt volume nearly doubling to a record high of $1.4 trillion.