US corporate equity has hit over 400% of GDP, nearly double the Dot Com peak, while AI model prices are crashing and Nvidia is arranging massive financing for the buildout.

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JPMorgan strategist David Kelly says the total value of US corporate equity now exceeds 400% of GDP.

That is roughly double the 204% peak at the height of the 2000 Dot Com bubble and far higher than levels before the 1987 crash.

OpenAI cut the price of GPT-5.6 Luna by 80%, from $1 to $0.20 per million input tokens.

Anthropic and others are also cutting prices hard as Chinese open models undercut them.

Nvidia partnered with major funds to mobilize over $500 billion in third-party capital for AI infrastructure, with residual-value support on chips.

THE AI BOOM HAS A MASSIVE PROBLEM NOBODY IS PRICING IN

OpenAI just cut GPT-5.6 Luna by 80%, from $1 to $0.20 per million input tokens.

Anthropic launched Claude Opus 5 at half the price of its top model.

Prices across leading US models are down almost 25% since mid-July.

Chinese open models forced it.

DoorDash and Airbnb have already switched to cut their bills, and DeepSeek V4 Flash now matches OpenAI’s Luna on performance at half the cost per task.

Every AI valuation assumes these companies can eventually charge enough to cover what they are spending.

Nvidia alone just arranged $500 billion in financing for AI infrastructure.

Prices falling 80% in a month does not pay for that.

And both OpenAI and Anthropic are planning IPOs at trillion-dollar valuations while doing it.

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