Why The Stock Market Is Booming — But Your Paycheck Isn't

Public AI-adjacent stocks are repricing to reflect real risk, but private giants Anthropic and OpenAI remain insulated from that scrutiny ahead of IPOs.

• Real wages falling: September CPI hit 3.7% y/y (highest since May), average hourly earnings fell 0.7% y/y, the sixth straight month of real wage declines.
• K-shaped wealth divide widens: Wealth for Americans 75+ rose 37% since 2022 while it fell 23% for those under 35; S&P 500 earnings are up ~40% since Trump took office.

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