Stocks and the Economy Are Increasingly Relying on the A.I. Boom

https://www.nytimes.com/2026/07/22/business/economy/stocks-economy-ai.html?smid=nytcore-ios-share

“The thing that has been holding everything up is the A.I. story,” said Torsten Slok, the chief economist at Apollo Global Management.

A.I. related stocks account for roughly half of the rise in the S&P 500 this year, said Adam Turnquist, the chief technical strategist for LPL Financial, adding that growth in the economy is also increasingly dependent on A.I. infrastructure spending.

“It’s becoming one big A.I. trade,” he said.

Right now, the burden of proof is on the skeptics,” he added. “Once you have this slow trickle of disappointing information, then the burden starts to be on the optimists.”

There's a reason why I sold my FSELX shares. Sure, the 200% gain over the last year was nice...but that's not sustainable. It's already pulled back a little...I'm tempted to buy back in. But that's exactly why I'm not going to.

Only half of the rise seem a bit low...

Mag 7 reached 70-80% of the growth in 2023-2024.

Seem to me stocks are not at all increasingly relying on the AI boom versus 2024/2025, but maybe the paywall article go into details.

But with my little limited search, seem to be some strange take, if they current estimate that it is "only" 50% of the growth now, less than before and obviously not one big AI trade.

One reason is that many of the giant player are private and xAI barely became public (via spaceX which as less than 5% of its equity open to the public).