Data-center spending shifted after the release of ChatGPT, with Nvidia growing from 25% to 86% of the market share since 2021.

The post-Cold War era promised a hubristic globalization without friction, economics without geopolitics, and trade without consequences. For a while, it almost worked.

All of the G7 country ETFs are in the bottom half of performers, and the U.S. SPY is the 5th weakest country with a gain of just 1.1%.