A viral chart showing the S&P 500 soaring while job openings plunge has fueled fears that artificial intelligence is splitting the American economy in two. Since ChatGPT's debut in November 2022, the S&P 500 has surged more than 70%, while job openings have fallen about 30%. Journalist Derek Thompson, writing in his Substack last week, called the graphic "the scariest chart in the world," but said the truth is more complicated.
Data from the Bureau of Labor Statistics shows job openings peaking at 11.5 million in March 2022 before sliding to 7.18 million by August 2025. Over the same period, the S&P 500 rose from roughly 3,840 to nearly 6,700—a 74% gain. According to Thompson, the real driver behind this split isn't AI but monetary tightening by the Federal Reserve, reported Fortune.
