AI Boom Divides US Job Market as Openings Plummet, S&P 500 Soars

As of November 12th, 2025, the US economy is experiencing a remarkable divide. While the stock market, as measured by the S&P 500, has soared to record highs, the job market has seen a sharp decline in openings.

For nearly two decades, the job openings and the S&P 500 had moved in tandem, rising and falling together. However, since the release of ChatGPT in late 2022, the two lines have diverged dramatically. The stock market has jumped more than 70%, driven largely by AI-linked companies, while job openings have fallen by roughly one-third.

This extraordinary split has been described as "the scariest chart in the world," reflecting the growing divide between the fortunes of investors and the concerns of ordinary workers. While the AI boom has fueled Wall Street's gains, with AI-related firms accounting for 75% of the S&P 500's rise and 80% of its earnings growth, the impact on employment has been more troubling.

Experts note that the real slowdown in hiring began earlier in 2022, when the Federal Reserve started raising interest rates to combat inflation. However, the rapid adoption of AI technologies, such as ChatGPT, has exacerbated the disconnect between the stock market and the job market, leading to a sense of two distinct economic realities.

As the US economy navigates this transition, the future remains uncertain. The divergence between capital and labor may continue, or the two lines could eventually converge again as new forms of work emerge. Nonetheless, the "scariest chart" has become a symbol of the profound changes underway, driven by the transformative power of artificial intelligence.