US equities represent about 60% of global market capitalization, and Treasury bonds remain the world’s closest proxy for a risk‑free, infinitely liquid asset. Capital keeps flowing into the United States despite recurring stories of American decline.

The depth of US markets attracts sovereign wealth funds that cannot afford price impact when shifting billions. Europe’s fragmented bond landscape and China’s capital controls create friction, while the dollar dominates trade invoicing and foreign‑exchange turnover. These network effects reinforce the dollar’s primacy independent of any single administration.

Sonders points to America’s innovation engine as the magnet for new money. World‑class universities, venture capital pools ten times larger than rivals, and a tolerance for failure fuel AI leaders such as OpenAI, Anthropic and Google DeepMind. Hyperscalers—Microsoft, Amazon, Google and Meta—spend on AI infrastructure at a scale rivaling mid‑size economies.

She warns that challenges persist: China’s rapid progress in open‑weight AI, Europe’s stalled capital‑markets union, and modest de‑dollarisation by central banks. Yet, eroding all four pillars—market depth, currency network, institutional trust and innovation—simultaneously appears unlikely, keeping the US at the core of global finance today.