Everyone is piling into US stocks. Foreign holdings of US equities jumped +$2.0 trillion in April, to a record $23.2 trillion. This figure has more than DOUBLED since the 2022 bear market. By comparison, during the 2020 pandemic, non-US investors held $7.5 trillion of US equities, or 68% less. Foreign investors now own ~30.5% of the $76 trillion US equity market. Furthermore, foreign investors’ allocation to US equities as a percentage of US financial assets is up to 63%, an all-time high and 10 percentage points above the 2000 Dot-Com Bubble peak. Foreign investors are all-in on US stocks.