Data: Federal Reserve, FactSet; Note: Includes both directly held stocks and shares held indirectly in mutual funds and ETFs, as a share of total assets of U.S. households and non-profits; Chart: Matt Phillips/Axios Americans are letting it ride, with a record share of their wealth in the stock market. Why it matters: It means that the AI-driven rally is enriching Americans more than usual and exposing them to potentially painful losses from a reversal. State of play: A record 33% of the total