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Your 401(k) Is Propping Up the AI Bubble

Americans’ retirement savings are disproportionately tied to the dozen Big Tech firms that now dominate the S&P. This makes any intervention into regulating Big Tech that risks devaluing them politically difficult, writes Hera Hyeonseo Lee.

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November 6-7: Stigler Center-CEPR Political Economy of Finance Conference 2026: Crony Capitalism in 21st Century America (call for papers due June 1)