Global equities remain heavily concentrated in the United States, which now accounts for nearly 60% of the $120–130 trillion global market cap, with the top 10 S&P 500 stocks making up close to 40% of the index — concentration that magnifies both gains and pauses. While China and Japan rally over 20% on AI optimism and foreign inflows, India’s markets have cooled, weighed by IT even as private sector capex hits a six-year high and fixed asset growth accelerates. Beneath the surface, copper tells a deeper macro story: supply exists underground, but permitting delays and capex discipline are slowing above-ground availability just as EVs, grids and data centers push demand higher. Add a recalibrated CPI basket that subtly shifts India’s inflation lens and steady tax buoyancy supporting fiscal math, and the message is clear — this cycle isn’t about collapse or boom; it’s about concentration, transition, and who controls real assets in a tightening world.

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US Market Dominance, Copper Supply Crunch, India Capex Surge, CPI Basket Shift