President’s stunning admission comes as American struggle with surging inflation and record gas prices as a result of the continued blockade of the Strait of Hormuz
“Anybody that wants them to have a nuclear weapon is a stupid person. So we said we’re going to take the greatest stock market in history and we’re going to go down a little bit. And actually that turned out to be incorrect, because our stock market is now at the highest point in history, which frankly, surprised a lot of people,” he said.
The stock market is up because of the AI boom. Trump didn’t have much to do with the AI boom.
AI Stocks Drive Nearly All of S&P 500’s Gains, Data Reveals
The S&P 500 has surged to fresh record highs in 2026, powering through milestone after milestone as Wall Street toasts another banner year.
Strip out the artificial intelligence stocks, though, and the rally all but disappears, leaving a market that has gone essentially nowhere since February.
S&P 500 ex-AI Index Flat Since February as Benchmark Climbs 8%
BeInCrypto recently reported that AI-linked stocks now account for a record 45% of the S&P 500’s market capitalization. Strong rallies in hyperscalers and AI-related stocks have helped push the index higher, as investors continue betting on the sector’s long-term growth potential.
The S&P 500 has climbed nearly 7% since early February. While the war-driven volatility caused notable losses in March, the rally accelerated in April, with the index gaining 15.5% since March 30.
However, the gains have not been evenly distributed across the market. According to Google Finance data, the US 500 Excluding Artificial Intelligence Enablers Price Return Index (SPXXAI) has fallen 1.84% since its February launch.
For Trump, that was luck — he happened to be in the right place at the right time to benefit from that.
Hey now, Trump appointed Musk and DOGE to hollow out all the regulatory agencies that could have prevented the AI bubble from getting so big, so he at least deserves the credit for how bad things will become once it finally collapses.
Well, I also don’t think the average American who is struggling to buy food doesn’t care about the stock market. It isn’t like they have any liquidity to trade or benefit from rich people getting richer.
I also don’t think the average American who is struggling to buy food
While I do take your point that what Trump’s talking about may or may not matter to a given individual, I’d also point out that the average American isn’t struggling to buy food.
That data might be useful for food industry and agricultural industry regulators, but it really doesn’t tell us anything about hunger. Like, just because Americans are making most of their expenditures on other things (probably healthcare, childcare, transportation, etc.) doesn’t mean they can afford food, probably the opposite if anything.
Meanwhile,
the U.S. Department of Agriculture (USDA) released its Household Food Security in the United States report, assessing that 13.7 percent of U.S. households were food insecure in 2024, marking the highest prevalence of U.S. food insecurity in nearly a decade. According to the USDA, this household food security report will be its last. In September, the USDA announced the “termination” of future reports with the claim that reports were “redundant, costly, politicized, and extraneous” and did “nothing more than fear monger.”
The stock market is up because of the AI boom. Trump didn’t have much to do with the AI boom.
https://finance.yahoo.com/markets/stocks/articles/ai-stocks-drive-nearly-p-094305210.html
For Trump, that was luck — he happened to be in the right place at the right time to benefit from that.
Hey now, Trump appointed Musk and DOGE to hollow out all the regulatory agencies that could have prevented the AI bubble from getting so big, so he at least deserves the credit for how bad things will become once it finally collapses.
Well, I also don’t think the average American who is struggling to buy food doesn’t care about the stock market. It isn’t like they have any liquidity to trade or benefit from rich people getting richer.
While I do take your point that what Trump’s talking about may or may not matter to a given individual, I’d also point out that the average American isn’t struggling to buy food.
https://ourworldindata.org/food-prices
https://lemmy.today/pictrs/image/42c81299-bad4-4140-a849-c79a4515e402.png
The US has about the lowest percentage of expenditure going to food in the world, and that’s been true for a long time.
That data might be useful for food industry and agricultural industry regulators, but it really doesn’t tell us anything about hunger. Like, just because Americans are making most of their expenditures on other things (probably healthcare, childcare, transportation, etc.) doesn’t mean they can afford food, probably the opposite if anything.
Meanwhile,
https://www.csis.org/analysis/last-us-hunger-data-what-we-lose-termination-usdas-household-food-security-united-states (arc)