BREAKING: Global stock market cap is up to 137% of global GDP, near the highest on record. The ratio has risen +40 percentage points since April 2025, matching the peak levels seen during the 2021 meme stock frenzy. By comparison, this figure peaked at ~120% before the 2008 Financial Crisis. This comes as global equity market cap surged to a record $166 trillion this month. The US stock market alone accounts for ~$77 trillion, or ~46% of the global total. AI is driving historic growth in equity markets.(The Kobeissi Letter)