The US tech bull market nears its end

Five charts to start your day

For decades, US equities have dwarfed other markets, but the gap is now bigger than ever – nearly two-thirds of global stock value sits on Wall Street. The rest of the planet makes up just over a third.

Since 2010, American stocks have soared, thanks largely to tech giants riding the AI wave. Megacap names like Apple and Nvidia have grown to rival entire continents’ market cap. Their relentless rise means even a global index is massively skewed towards US tech.

But does that mean there’s danger ahead? Critics suggest we’re in a bubble. The last time we saw one industry grab such attention was at the height of the dotcom craze, which ended in tears for many.