The total market value of global stock markets has risen to 137% of global GDP, with the US stock market accounting for approximately 46%

The Kobeissi Letter states that the total market value of global stock markets has risen to 137% of global GDP, approaching historical highs. Since April 2025, this proportion has cumulatively increased by 40 percentage points, comparable to the peak level during the Meme stock frenzy in 2021, which was around 120% before the 2008 financial crisis. This month, the total market value of the global stock market has risen to $166 trillion, of which the total market value of the US stock market is about $77 trillion, accounting for about 46% of the global total. AI has driven historic growth in the stock market.