The stock market’s laser focus on AI is turning a few tech giants into market titans—SpaceX’s potential $1T valuation, OpenAI and Anthropic’s rise, and the “Magnificent Seven” now commanding 30% of the S&P 500. But with Nvidia’s wild swings and investors questioning if AI’s real productivity gains are lagging, the race is on to figure out who’s building the future—and who’s actually using it to create lasting value.
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