Goldman Sachs (GS, Financial) is calling it a record: $154 billion has already poured into U.S. stocks this year, making it the biggest rush since 2001. That's more than half of the total $256 billion that's flowed into global equity markets so far in 2025.

According to Goldman's Kartik Jayachandran, this level of inflow is “unprecedented.” The takeaway? Investors are putting their chips on the U.S. economy, even with global uncertainty, geopolitical tensions, and lingering trade questions in the mix.

So what's driving this wave of optimism? Inflation is cooling—it's around 3.2% now after peaking near 9% two years ago. The labor market is still strong, and GDP surprised to the upside with 2.1% growth last quarter. Add in solid earnings from big names like Microsoft (MSFT, Financial) and Procter & Gamble (PG, Financial), and you've got a recipe for confidence.

Compared to slower growth in Europe and a shaky recovery in China, the U.S. just looks better right now. Even the tariff talk is softening, with President Trump signaling he's open to easing restrictions on Chinese goods.

But not everyone's convinced this pace can hold. Tech stocks are leading the charge again, and valuations are starting to look familiar—maybe too familiar for those who remember the last market surge. “Momentum is real,” Jayachandran said, “but we need to watch for cracks.”