What could go wrong?

AI-related capital expenditures surpassed the U.S. consumer as the primary driver of economic growth in the first half of 2025, accounting for 1.1% of GDP growth. JP Morgan Asset Management’s Michael Cembalest, AI-related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022.”