The numbers are hard to ignore. The top 10 companies in the S&P 500 now account for 34% of all index profits—a share that’s doubled since 1996—and 41% of its market cap. AI companies represent nearly 87% of all venture capital funding and roughly half of all investment-grade bond issuance.
By almost any measure, artificial intelligence isn’t just influencing markets. It is the market. And that has Wall Street doing something it can’t quite help: reaching for history.
