News on November 6: A sell-off in the U.S. stock market has revealed just how profoundly the artificial intelligence industry is shaping financial markets and even broader macroeconomic trends. The prospect that newly elected Democratic lawmakers could slow data center construction was enough to trigger a sharp slide in U.S. stocks this week. The reaction is not hard to understand: as of November 3, since OpenAI released ChatGPT, the total market capitalization of the S&P 500 has swelled by nearly $32 trillion—more than half of which came from just 10 AI-related companies. Today, roughly 44% of U.S. pension holdings, or $610 billion, are tied to the tech sector. AI's impact extends well beyond the tech industry itself. Power generation companies, turbine manufacturers, uranium miners, and many other businesses have also hitched their fortunes to the AI boom, with their share prices rising and falling in tandem with the entire AI supply chain.