"Why have U.S. stocks been consistently making money, then who is losing money?"

Of course: those who are forced to share the global inflation unleashed by the Federal Reserve's support for U.S. stocks, which is locked in the domestic asset pool due to strict foreign exchange and exchange rate controls, resulting in an inability to freely participate in the valuation and dividends of global core tech assets like NVIDIA, Apple, Microsoft, etc., but instead having to bear the consequences of purchasing power depreciation through commodity trade and exchange rate transmission, all without exception for everyone in front of the screen.
Fuck.