Shocking stat of the day: AI-related stocks now reflect a record 45% of the S&P 500's market cap. This percentage has surged +20 points since November 2022, when ChatGPT was launched. Furthermore, a record 15.4% of investment-grade debt is now tied to AI, making it the largest sector in the US credit market. This percentage has risen +3.5 points since 2020. This comes as AI-linked debt has nearly DOUBLED over this period to an all-time high of $1.4 trillion. Never before has a single theme dominated both US equity and credit markets to this magnitude.(The Kobeissi Letter)