Global Equity Markets Raise $1.08 Trillion Amid AI Concentration

Global companies raised $1.08 trillion across 5,566 equity market deals during the first nine months of 2026. This represents only the second time the $1 trillion threshold has been surpassed within such a period. Despite the high volume, market sentiment has soured as the Federal Reserve System implemented tightening policies that drove Treasury yields to multidecade highs.

Capital activity has become heavily concentrated in artificial intelligence, with technology deals accounting for nearly half of all equity capital market activity in the third quarter. This trend was driven by massive raises from SK Hynix, which listed $26.5 billion in depository receipts in New York, and Intel, which raised $23 billion in August.

This concentration has created a volatile environment that crowds out smaller firms and leaves the broader market vulnerable to shifts in AI enthusiasm. Consequently, several companies, including Oura, SB Energy, and Nscale, have postponed their initial public offerings due to valuation concerns and general market uncertainty.