Ten Charts That Make Us Go Hmmm

A visual analysis of current market anomalies, highlighting the extreme concentration of wealth in AI companies and the breakdown of historical corporate performance norms.

Key Takeaways

• 1.AI-driven wealth has become the dominant force in the market, driving investment and supporting upper-income consumption.
• 2.The scale of upcoming AI IPOs (OpenAI, Anthropic) is projected to surpass the total IPO proceeds of the entire dot-com bubble.
• 3.Historical corporate profit margin ceilings are being shattered, with US economy-wide margins reaching a record 20.6%.

Table of Contents

• Stop, stare and wonder
• 3 mega IPOs
• ARR +430%
• The growing $1 trillion club
• AI-driven wealth
• 36-year best
• Melt-up phase ahead
• Margins mean-reverting or no?
• Global debt
• Gross
• Trump 1.0 vs 2.0
• To be continued

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