The NY State Comptroller's report showed that Wall Street is making an absolutely insane amount of money right now. Firms pulled in $45.9 billion in just the first half of the year, putting them on pace to clear $90 billion by December and completely obliterate the old record. Banks are clearing a fortune because stock offerings shot up 76%, mostly from massive deals like the SpaceX IPO. Plus, corporate debt jumped 11% because tech companies are borrowing billions left and right just to buy Nvidia chips and build data centers. Wall Street is bringing in so much fee money that they already raised employee pay and bonuses by almost 19%. While everyone sits around debating if AI is a bubble, the big banks are already collecting real, massive checks from AI tech IPOs and mergers.
If the financial sector is printing this much actual cash right now, does it mean the AI boom is the real deal, or are banks just milking the hype before a crash?
Source: [IB Times](https://www.ibtimes.com/wall-street-heading-its-most-profitable-year-ever-ai-boom-could-push-profits-past-90-billion-3808301)