A sell-off this week underscored AI’s outsized market impact: concern that newly
elected Democratic lawmakers could curb data center construction was enough to
trigger broad declines in US equities. As of Nov. 3, since OpenAI released
ChatGPT the S&P 500’s market capitalization has risen by about $32 trln, with
more than half of that gain concentrated in just 10 AI-linked firms. US pension
funds have roughly 44% of assets tied to the tech sector, about $6.1 trln.
Non-tech industries — including power generators, turbine manufacturers and
uranium miners — have increasingly linked growth narratives to the AI boom, and
their share prices are moving with the wider AI supply chain.
