AI is all that matters for markets right now. AI infrastructure companies now account for 40% of the S&P 500’s market capitalization. At the same time, just 3 chipmaker firms represent 28% of the MSCI Emerging Markets Index. AI-related companies also account for 49% of investment-grade bond issuance so far in 2026. The concentration is even more extreme in private markets, with AI capturing 87% of venture capital funding year-to-date. By comparison, in 1999, during the Dot-Com bubble, less than 40% of venture capital funding was related to internet companies. AI has become the market.