The U.S. stock market has never been more dominant

The U.S. stock market has never been this dominant.
U.S. market capitalization is now around $81T, accounting for roughly 48% of global market value.
That is far larger than China, the world’s second-largest stock market, at around $17T.
The U.S. market is now roughly twice the size of China, Japan, Hong Kong, and Taiwan combined.
It is also larger than the next 18 stock markets combined.
Even the Magnificent 7 alone are now bigger than China’s total market value.
This is not normal market leadership.
It is historic concentration of global equity value in one country.