Inside the Everything Bubble

FROM AN AI-FUELED STOCK RALLY TO RECORD-HIGH GOLD, THE SIGNS ARE STACKING UP THAT NEARLY EVERY ASSET CLASS IS DUE FOR A RECKONING.

- by BRANDON KOCHKODIN

Asset bubbles give off a scent.

Stocks far outpace earnings. Junk debt looks gold-plated. But no matter how good the rally feels, eventually skepticism arises. The question is whether the smoke alarm is chirping because of a dead battery or a fire.

The S&P 500 sits at 6,700, nearly double what it was five years ago. The Magnificent Seven titans are the rocket fuel, accounting for nearly 40% of the index and placing trillions of dollars in bets that AI rewires the world.