Americans have never had more riding on the stock market. A record one-third of all household wealth in the US was tied to stocks at the end of 2025, according to Federal Reserve data — a sign that the AI-fueled bull market is showering investors with gains while leaving them increasingly exposed to a painful downturn. Households and nonprofit organizations held $67.77 trillion in directly and indirectly owned equities at year-end, accounting for nearly 33% of total assets, according to the