---
title: One of the biggest hidden drivers of the US stock market may be coming to an end.
description: "Since 2003, US equities have been in a historic era of NEGATIVE net supply.\n\nTranslation:\n\nCompanies bought back more stock than the market created through IPOs and new share issuance.\n\nLess supply + relentless demand = higher prices.\n\nThat dynamic helped fuel one of the greatest bull markets in history.\n\nNow the trend is reversing.\n\nFor the first time in 23 years, US stock market supply is expected to stop shrinking.\n\nWhy?\n\nBecause the AI race is becoming insanely expensive.\n\nBig Tech firms are preparing massive share sales to finance AI infrastructure spending.\n\nAt the same time, IPO giants like SpaceX, OpenAI, and Anthropic could eventually bring huge new supply to public markets.\n\nGoldman Sachs estimates net equity supply could turn flat in 2026 after two decades in negative territory.\n\nThe AI boom may not just change technology.\n\nIt may fundamentally change the market structure that powered US equities since the GFC.\n\nSource: FT"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [One of the biggest hidden drivers of the US stock market may be coming to an end.](https://blog.syzgroup.com/syz-the-moment/one-of-the-biggest-hidden-drivers-of-the-us-stock-market-may-be-coming-to-an-end)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Jun 11, 2026, 3:40:44 PM

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