That’s exactly how it is. From the data, it’s clearly evident that many retail investors either don’t know how to buy AI, or they worry that after they buy, there will be a pullback—so they choose to buy an index. And the more the price drops, the more they buy, because in the U.S., especially the S&P 500, has been rising in the long run.

So the apparent contradiction between institutional exits and retail investors chasing lower prices actually makes sense in terms of operations. Institutions are looking to earn more stable returns, while retail investors are essentially going long on the U.S.

The chart shows the year-by-year growth of the S&P 500. So buying an index like the S&P 500 is fundamentally going long on the U.S. Whether it’s IT, real estate, banks, or AI—once something has the potential to break out, the index will rise. Even though it can’t bring the kind of windfall you’d get from individual stocks, it can still deliver solid revenue.