US stocks now account for nearly two-thirds of the global equity market value, a significant increase from 40% in 2010. This dominance raises concerns about potential risks to investors' portfolios, particularly as foreign companies, especially in the tech sector, increasingly list in New York for higher valuations. Analysts have also raised concerns about a large bet on AI driving this dominance. The defensive sectors of the US stock market, including consumer defensive industries, have outperformed cyclical and technology sectors this year. Companies like Procter & Gamble have shown resilience, while major tech firms such as Microsoft and Nvidia have seen declines of 1.92% and 1.84%, respectively. Broader consumer cyclical sectors, including Amazon and Tesla, have also faced significant drops of 2.88% and 4.55%. Year-to-date, US growth stocks have underperformed, with US growth indices down 3%, while ex-US developed market value stocks have risen by 11%. Additionally, the S&P 500 has seen a 6% drawdown, while the Nasdaq 100 and Russell 2000 have dropped 9% and 15%, respectively. Meanwhile, private credit has remained stable with no drawdowns.