**AI Boom Rebuilds the Stock Market**

a16z’s **State of Markets II** report says technology generated about **76% of S&P 500 profit growth** in 2026. Capital is shifting from software toward physical infrastructure.

Big Tech profits are funding **AI computing capacity**, increasingly with debt. Demand is strong enough for older **Nvidia A100 GPUs** to retain high rental prices. New chips are not pushing out the old ones yet.

Adoption is still early. Almost **30% of S&P 500 companies** report a measurable AI effect, but only about **2% track a specific metric**. In spring, only about **2% of US households** paid for an AI service. About 75% of public software companies are profitable, but only 30% grow faster than 20% a year.

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