Wall Street’s $33T AI-Fueled Rally Could Be Heading for a Costly Slowdown

The people building AI have started asking everyone to slow down, and Wall Street is doing the math on what that costs. Nearly $33T in market value has been added to the S&P 500 since ChatGPT launched in late 2022, much of it tied to AI. Now, Anthropic CEO Dario Amodei’s call to “slow the pace” has backing from Sam Altman and Elon Musk, raising the stakes for a market built on the boom.

• AlphabetGOOGL, AmazonAMZN, MicrosoftMSFT, and MetaMETA are expected to pour over $1T into capex in 2027 alone.
• Nearly $700B vanished off the market value of 25 major AI supply-chain stocks following the warning, leaving the semiconductor index 19% below its June peak.

Unwind risk: AI is now too big for a slowdown to stay on Wall Street. AI investment drove half of US GDP growth over the past year, while Apollo’s Torsten Slok warns the Nasdaq 100 could plunge 50% if spending fails to pay off. Anthropic’s planned IPO will be the next test of how much investors are willing to pay for AI’s future profits.