> How much of the market valuation is actually created wealth?
Technically, all of it. Determining the socially-useful component of either production or wealth, on the other hand, is a tough and subjective exercise. (Wwrong answers are all and zero.)
A useful proxy is taxable wealth. So far, NVIDIA, OpenAI and Anthropic share sales have generated tens if not hundreds of billions of dollars of taxable proceeds for the United States. Those are figures that would pay for a lot of Germany's pension problems [1].
Technically, all of it. Determining the socially-useful component of either production or wealth, on the other hand, is a tough and subjective exercise. (Wwrong answers are all and zero.)
A useful proxy is taxable wealth. So far, NVIDIA, OpenAI and Anthropic share sales have generated tens if not hundreds of billions of dollars of taxable proceeds for the United States. Those are figures that would pay for a lot of Germany's pension problems [1].
[1] https://www.ifo.de/en/opinion/2025-10-08/hidden-multi-billio...