人工智能（AI）的繁荣为人类带来了诸多好处，其中大部分好处已经体现在股市中；然而，仍有很多人未能从中受益。
Most of the benefits of the AI boom, for humans at least, have filtered into the stock market — but that leaves a lot of folks out.
股市收益带来的巨额财富正在推动强劲的消费支出和整体经济增长，但这种局面并不稳固：毕竟，涨上去的东西也可能跌下来。
Why it matters: Record wealth from stock market gains is helping drive strong consumer spending and economic growth overall, but it's a fragile situation: What goes up can come down, after all.
此外，仍有许多美国人几乎不了解股市的情况，尤其是低收入家庭；他们目前正面临着实际工资下降、汽油价格上涨以及持续高通胀的困扰。
Plus, there are plenty of Americans who have little or no exposure to the market — especially lower-income households — and they're currently struggling to deal with falling real wages, rising gas prices and stubbornly high inflation.
根据美联储的数据，美国人的财富在第二季度增长了12.8万亿美元，其中股票和其他金融资产的价值增长了近11万亿美元（见图表）。这是有记录以来单季度财富增长幅度最大的一次。家庭持有的股票和其他金融资产总额在第二季度达到了74万亿美元，创下了历史新高（第一季度为63万亿美元）。
By the numbers: Americans' wealth jumped by $12.8 trillion in the second quarter, per Fed data, led by a nearly $11 trillion gain in stock holdings and other financial assets (see chart). That's the biggest single quarterly increase, in dollar terms, on record. Household equity holdings climbed to $74 trillion in Q2, a record high, up from $63 trillion in Q1. Zoom out: "The AI boom, and the expectations of all the future earnings that will come from it, have delivered extraordinary increases in the value of the stock market," says Krishna Guha, head of economics at Evercore ISI, who wrote about the wealth effects of this surge this week.
Evercore ISI的经济学主管Krishna Guha指出：“人工智能的繁荣以及人们对未来收益的预期，极大地提升了股市的价值。”他认为，这种财富增长正在推动美国经济的消费增长——如今，消费增长的半数动力都来自这一因素。
And that increase is fueling spending in the U.S. economy: Half of all the growth in consumption is now being driven by those wealth effects, he says.
对于那些财富较少的低收入人群来说，退税以及储蓄的使用也在维持他们的消费水平。
For lower earners with less wealth, tax refunds and the use of savings are also keeping American spending chugging along.
Krishna Guha将当前的经济形势称为“鳄鱼型经济”（gator economy）：底部保持平稳，而顶部则不断向上延伸，仿佛鳄鱼的嘴巴随时准备“咬下”任何东西。
It's not a K-shaped economy, he says, but a "gator economy" — as in an alligator's mouth, where the bottom stays flat and the top is pointing to the sky poised to chomp.
具体来看，根据摩根大通银行超过2000万个账户的匿名数据，自2019年以来，从投资账户中提取现金的人数翻了一番。其中，65岁及以上的高收入人群是这一趋势的主要推动者；不过该银行表示，所有年龄和收入群体的提取现金行为都在增加。
Zoom in: The share of people making net withdrawals from investment accounts has doubled since 2019, according to anonymized data from more than 20 million JPMorgan Chase bank accounts. Higher-income people age 65 and older are leading that rise, but the bank says withdrawals have increased across all age and income groups.
背后的真相：如今，股市对美国经济的重要性日益凸显——这主要得益于股市的飞速增长。
Between the lines: The stock market today is becoming more important to the economy — because of the market's astronomical growth.
投资者们不仅会将投资收益用于消费，还会因为心理上的“财富感”增强而增加支出。
Folks in the market both spend more of their investment gains — and also spend more because they psychologically feel wealthier.
现实审视：虽然越来越多的美国人将资金投入股市，但真正从中获益的仍是那些最富有的群体。
What to . Reality check: While an increasing number of Americans do have some money in the market — it's primarily the richest who are seeing these gains.
根据美联储的数据，第二季度美国最富有的1%人群持有51%的股票和共同基金份额，而最贫困的50%人群仅持有不到1%的份额。
The top 1% by wealth held 51% of stocks and mutual fund shares in the second quarter, per Fed data. The bottom 50% held less than 1%.
由于股市的大部分收益都流向了较富裕的美国人，因此其对消费的拉动作用较为有限。根据美联储去年的研究，股市中每增加1美元的财富，仅会导致约1美分的消费支出增加。
Because so much of the stock market gains go to wealthier Americans, that spending effect is muted. Each dollar of wealth gained in the market equals about a penny of spending, according to research from the Federal Reserve last year.
总结：我们常说股市并不等同于整个经济，但如今看来，股市与经济之间的联系确实越来越紧密了。
The bottom line: We often say the stock market is not the economy, but these days it increasingly looks as if it is. Bonus chart:
补充图表：近年来，股票已成为家庭资产负债表中占比最大的资产；而且这种差距还在不断扩大。
Follow the money: Stocks, not houses, have been the largest single asset on household balance sheets for a while — and the gap is widening.