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AI Boom Divides US Job Market as Openings Plummet, S&P 500 Soars
12 Nov, 2025
Summary
- Job openings in the US have fallen by roughly one-third since ChatGPT's debut in late 2022
- S&P 500 has jumped more than 70% during the same period
- AI-linked companies have driven 75% of the S&P 500's rise and 80% of its earnings growth
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.
