Rumors of Uncle Sam’s financial decline have a short shelf life. One year after the “Sell America” trade gripped Wall Street, fed by tariff fears and Fed drama, the world’s appetite for dollars came roaring back. Two hundred and fifty years in, and the world still hasn't found a better bet.

• Foreign investors funneled $1.4T into US assets in the year through Apr. 2026 — with US equity markets already owning nearly half of all global stock-market value.
• JP Morgan found little evidence for de-dollarization — noting broad stability across global loans, trade invoicing, and SWIFT payments, with the yuan and euro failing to gain ground.

The structural pull: Despite the hiccup, capital simply follows earnings. US company profits expanded far faster than those of European, Japanese, and Chinese competitors over the past 15 years, per LSEG estimates, with higher returns on assets and equity than any major rival worldwide. The AI infrastructure race deepens the pull further, drawing global investors deeper into dollar-denominated markets. Europe’s economy grew only 1.7x since 1994, against 2.1x for the US, leaving global investors with an increasingly obvious destination. Europe has fine champagne. USA has the S&P 500.