2025-12-09 02:10:19
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The launch of ChatGPT in late 2022 set off one of the most intense technology investment cycles in decades. Investors shifted capital toward companies and sectors positioned to benefit from AI infrastructure, cloud computing, and digital services.
This visualization highlights how each major U.S. equity sector performed from ChatGPT’s debut on November 30, 2022. Nvidia, for instance, climbed over 1,000% as demand for its AI-focused chips skyrocketed.
The data for this visualization comes from Deutsche Bank.
Communication Services led all sectors with a 185% return, powered by Meta’s nearly fivefold increase. Information Technology followed at 157%, boosted by chipmakers and cloud providers essential to AI development.
| Rank | Sector | Returns (2022-2025) |
|---|---|---|
| 1 | Communication Services | 185% |
| 2 | Information Technology | 157% |
| 3 | Consumer Discretionary | 78% |
| 4 | Industrials | 60% |
| 5 | Financials | 56% |
| 6 | Utilities | 42% |
| 7 | Healthcare | 23% |
| 8 | Real Estate | 21% |
| 9 | Consumer Staples | 20% |
| 10 | Materials | 17% |
| 11 | Energy | 9% |
| -- | S&P 500 | 80% |
Consumer Discretionary also outperformed, helped by digital-first platforms benefiting indirectly from AI-enabled efficiency gains. Together, these results show how the AI wave extended beyond semiconductors to reshape several adjacent industries.
No companies gained more from the AI surge than semiconductor leaders.
Nvidia returned roughly 1,020%, the single largest increase among major U.S. firms. Broadcom rose over 700%, reflecting its dominance in custom AI accelerators and networking hardware. Western Digital and Meta also delivered exceptional returns, nearing or exceeding 500%.
While tech surged, defensive and rate-sensitive sectors grew at a much slower pace.
Utilities returned 42%, healthcare 23%, and consumer staples 20%. Materials hovered near the bottom due to higher interest rates and slower industrial demand. Energy posted just 9%, reflecting weaker commodity dynamics. Meanwhile, the S&P 500 returned 80% over the same period.
If you enjoyed today’s post, check out Ranked: The Top Factors That Build AI Trust on Voronoi, the new app from Visual Capitalist.
2025-12-09 00:47:00
Which housing markets could be headed for a correction? In cities like Miami, Zurich, and Tokyo, real estate prices are pushing past what local incomes and rents can justify. Amid these high prices, investors are watching closely for signs of instability.
This graphic, created in partnership with Terzo, shows the level of housing bubble risk for major cities globally. It’s part of our Markets in a Minute series, which features quick economic insights for executives.
A “bubble” is a large and long-term mispricing of an asset, which can only be identified in hindsight when the bubble bursts and prices plummet.
UBS examined five factors to gauge bubble risks:
These factors are correlated with previous housing bubbles and help determine risk levels, but they cannot predict if or when a correction will happen.
UBS analyzed 21 select cities globally. Miami has the highest bubble risk score. Although price growth has slowed, its price-to-rent ratio is now above 2006 bubble–era levels.
| Rank | City | Bubble Risk Category | Bubble Risk Score |
|---|---|---|---|
| 1 | Miami | High | 1.7 |
| 2 | Tokyo | High | 1.6 |
| 3 | Zurich | High | 1.6 |
| 4 | Los Angeles | Elevated | 1.1 |
| 5 | Dubai | Elevated | 1.1 |
| 6 | Amsterdam | Elevated | 1.1 |
| 7 | Geneva | Elevated | 1.1 |
| 8 | Toronto | Moderate | 0.8 |
| 9 | Sydney | Moderate | 0.8 |
| 10 | Madrid | Moderate | 0.8 |
| 11 | Frankfurt | Moderate | 0.8 |
| 12 | Vancouver | Moderate | 0.8 |
| 13 | Munich | Moderate | 0.6 |
| 14 | Singapore | Moderate | 0.6 |
| 15 | Hong Kong | Low | 0.4 |
| 16 | London | Low | 0.3 |
| 17 | San Francisco | Low | 0.3 |
| 18 | New York | Low | 0.3 |
| 19 | Paris | Low | 0.3 |
| 20 | Milan | Low | 0.0 |
| 21 | São Paulo | Low | -0.1 |
Source: UBS, data collected through Aug. 28, 2025.
Tokyo follows closely, driven by persistent price increases despite only modest rent and income gains.
Zurich rounds out the top three, with property values rising five times faster than incomes over the past decade. The city now has the world’s highest price-to-rent multiple—it would take 43 years of rent to buy an apartment of the same size.
While these cities remain magnets for investment and migration, affordability is stretched thin. In Tokyo and Zurich, sustained investor demand and low financing costs have fueled further appreciation.
Some cities have seen notable shifts in risk. Toronto and Hong Kong had the biggest declines in their risk scores, thanks to declining real prices and tighter regulations.
On the other hand, Dubai and Madrid climbed the ranks. Dubai, in particular, has experienced a sharp price rebound alongside robust rent growth. Because prices are still affordable relative to other major global cities, optimistic investors are hoping for strong future returns.
For executives and asset managers, these rankings serve as a warning. In cities with high bubble risk, a price correction could sharply reduce the value of real estate holdings. Investors with concentrated exposure to markets like Miami or Zurich may want to reassess their risk profile.
Likewise, corporate location planning and real estate strategy may need to adapt. As affordability erodes, workforce retention could suffer as employees move to less pricey areas.
Great insights, like these housing bubble risks, start with great data. NirvanAI is an all-in-one AI system that turns your company’s contract data into actionable information.
See NirvanAI in action and learn how it helps you make decisions with confidence.
Want AI your team will trust? Pull back the curtain on the top factors that make people believe in artificial intelligence.
Find out how common AI hallucination is for leading models, and what that means for the businesses that rely on them.
Among the dangers of AI, one stands apart as causing trouble for almost a third of companies. What do leaders need to know?
Which university has had the most alumni become entrepreneurs in the last decade? Hint: its not Stanford or Harvard.
In many advanced economies, the number of retirees is climbing while the working-age population shrinks. What are the countries where workers are supporting the most seniors?
The national unemployment rate for the U.S. rose to 4.3% in August 2025. But that figure masks vast differences in local labor market health across states.
A trade war has threatened economic ties in 2025. Which economies are most exposed to these shifts in international trade?
Tariff rates vary by country, as does the value of goods each nation exports to the U.S. Which countries contribute the most?
As the U.S. labor market cools, which industries are still hiring—and which are cutting back their workforces?
Global debt continues to climb, reaching $150T in Q1 2025. Which countries carry the heaviest burdens?
How do Fed rate cuts in the U.S. compare with the interest rate changes in other G7 countries, and what does it mean for business?
Explore the fastest growing jobs by projected growth rate, plus salary insights, in a rapidly changing job market.
This graphic pieces together the $127T global stock market to reveal which countries and regions dominate—and how much equity they control.
The median age of first-time home buyers has reached a historic high. See just how long it’s taking people to get on the property ladder.
The Silent Generation’s share of real estate has dropped dramatically as people age, but how have Baby Boomers, Gen X, and Millennials fared?
Real estate is the biggest industry by GDP in 26 states. Find out why it dominates—and what fuels the rest of the country.
Tariffs are rising to boost American-made goods. Which states gain the most—and least—from manufacturing today?
Collectively, the ten most profitable U.S. companies have a net income of $684 billion—more than the entire GDP of Belgium.
New York City has the highest millionaire population globally. Which other cities attract the world’s wealthiest?
The global economy is expected to have slighter slower growth going forward. Which countries are on track to have the biggest GDP increases?
The U.S. has kept their target rate the same at 4.25-4.50%. What do interest rates look like in other countries amid economic uncertainty?
The national housing market saw a 4.5% rise in house prices. This graphic reveals which states had high price growth, and which didn’t.
If you held a $1,000 investment from 1975-2024, this chart shows how the inflation rate can drastically reduce the value of your money.
Trump cites trade deficits—the U.S. importing more than it exports—as one reason for tariffs. Which countries represent the largest deficits?
2025-12-08 23:26:07
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
By 2050, Europe’s carbon emissions are projected to be 42.9% lower than 2024 levels.
Like Europe, Asia-Pacific, and North America are forecast to see emissions decrease over time as populations shrink and green technologies gain wider adoption.
This graphic shows carbon emission projections by region, based on data from the IEA.
Below, we show the forecasted change in carbon emissions across global regions:
| Mt CO₂ (in thousands) |
2010 | 2024 | 2050P | Change 2024-2050P |
|---|---|---|---|---|
| North America | 6.5 | 5.6 | 5.1 | -8.9% |
| Central & South America | 1.2 | 1.2 | 1.6 | 33.3% |
| Europe | 4.7 | 3.5 | 2.0 | -42.9% |
| Africa | 1.2 | 1.5 | 2.2 | 46.7% |
| Middle East | 1.6 | 2.3 | 3.3 | 43.5% |
| Asia Pacific | 14.4 | 20.4 | 19.2 | -5.9% |
In 2050, global emissions are set to reach 334,000 Mt, decreasing from 34,500 Mt in 2024.
Despite the Asia-Pacific region contributing the highest share of emissions, they are projected to fall by nearly 6% over the next 25 years. China, in particular, has rapidly expanded its EV market, along with driving the lion’s share of global clean energy additions in recent years.
In North America, carbon emissions are set to decrease nearly 9%. Still, this is far from meeting climate goals. Notably, 92% of new U.S. electricity additions in 2025 and 2026 are from clean sources.
In contrast, Africa and the Middle East are projected to see a substantial rise in emissions. With some of the world’s fastest-growing populations, rising energy demand is set to increase emissions by over 40%. However, each region comprises a relatively small share of the global total by 2050.
To learn more about this topic, check out this graphic on global carbon emissions by sector.
2025-12-08 21:02:52
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Is a dollar in your pocket the same in Albuquerque as it is in New York City?
The face value may be the same, but in reality that dollar just goes further in certain metro areas and states.
Today’s visualization shows the relative value of $100 in each U.S. state. It’s based on data from GOBankingRates, which uses publicly available federal datasets such as those from the U.S. Bureau of Labor Statistics, the U.S. Bureau of Economic Affairs, and the U.S. Census American Consumer Survey to do the calculations.
Below you’ll see how far $100 goes in each state.
Included in the dataset is typical home value and annual cost of living to help provide context:
| Rank | State | Real Value of $100 | Typical Home Value | Annual Cost of Living |
|---|---|---|---|---|
| 1 | Arkansas | $113.49 | $208,734 | $37,067 |
| 2 | Mississippi | $112.71 | $176,933 | $35,580 |
| 3 | South Dakota | $111.91 | $302,023 | $44,923 |
| 4 | Oklahoma | $111.71 | $205,311 | $37,697 |
| 5 | Louisiana | $111.66 | $198,094 | $36,860 |
| 6 | North Dakota | $111.43 | $268,912 | $42,925 |
| 7 | Iowa | $111.23 | $218,773 | $39,069 |
| 8 | West Virginia | $110.23 | $163,193 | $35,206 |
| 9 | Kansas | $110.04 | $225,396 | $39,073 |
| 10 | Alabama | $110.03 | $222,475 | $38,712 |
| 11 | Montana | $109.76 | $450,056 | $56,763 |
| 12 | Nebraska | $109.62 | $257,397 | $42,019 |
| 13 | New Mexico | $109.61 | $302,570 | $55,579 |
| 14 | Kentucky | $109.53 | $208,745 | $38,817 |
| 15 | Wyoming | $109.15 | $349,235 | $48,609 |
| 16 | Idaho | $108.58 | $452,207 | $56,438 |
| 17 | Missouri | $108.24 | $246,692 | $40,318 |
| 18 | Ohio | $108.19 | $229,027 | $40,062 |
| 19 | Indiana | $107.82 | $238,281 | $40,548 |
| 20 | Tennessee | $107.49 | $318,006 | $44,868 |
| 21 | Wisconsin | $106.90 | $307,398 | $46,182 |
| 22 | South Carolina | $106.82 | $296,068 | $44,854 |
| 23 | North Carolina | $105.86 | $328,226 | $47,494 |
| 24 | Michigan | $105.82 | $239,674 | $40,628 |
| 25 | Utah | $105.00 | $528,156 | $61,534 |
| 26 | Vermont | $103.37 | $388,319 | $53,614 |
| 27 | Georgia | $103.30 | $326,933 | $41,159 |
| 28 | Nevada | $103.02 | $458,436 | $57,796 |
| 29 | Maine | $102.90 | $387,588 | $54,032 |
| 30 | Texas | $102.83 | $299,948 | $44,989 |
| 31 | Pennsylvania | $102.50 | $266,221 | $43,345 |
| 32 | Minnesota | $101.58 | $335,238 | $48,347 |
| 33 | Illinois | $101.15 | $270,708 | $43,758 |
| 34 | Delaware | $100.75 | $380,485 | $51,935 |
| 35 | Virginia | $99.25 | $398,259 | $52,734 |
| 36 | Arizona | $98.90 | $433,746 | $55,529 |
| 37 | Colorado | $98.62 | $552,897 | $63,270 |
| 38 | Alaska | $98.29 | $379,622 | $59,801 |
| 39 | Rhode Island | $98.29 | $379,622 | $59,801 |
| 40 | Florida | $96.55 | $404,924 | $53,525 |
| 41 | Connecticut | $96.31 | $429,793 | $57,885 |
| 42 | Maryland | $96.04 | $430,192 | $56,244 |
| 43 | Oregon | $95.28 | $498,760 | $61,654 |
| 44 | New Hampshire | $94.66 | $495,860 | $61,111 |
| 45 | New York | $92.37 | $455,344 | $58,146 |
| 46 | Massachusetts | $91.76 | $642,213 | $75,065 |
| 47 | Washington | $91.44 | $603,927 | $70,164 |
| 48 | Hawaii | $91.39 | $967,396 | $103,371 |
| 49 | New Jersey | $91.12 | $558,134 | $65,337 |
| 50 | California | $87.42 | $793,150 | $86,408 |
In Arkansas, $100 actually goes much further than normal, providing $113.49 of real purchasing power.
In California it’s the opposite case, where a hundred-dollar bill is only really worth $87.42. In the case of California and other expensive states, purchasing power is eroded away by the high cost of living, local taxes, and other factors that prevent you from making the most of your money.
Here’s one interesting takeaway: many of the highest-income states, such as California, New Jersey, Massachusetts, Hawaii, also rank among the worst for real dollar value.
Massachusetts has a six-figure median income, but $100 only buys $92 worth of goods. Meanwhile, Iowa and Kansas have more modest incomes, but a dollar goes almost 25% further than in an expensive state like Massachusetts.
This shows that higher wages in coastal states are partially or completely eaten by cost of living premiums.
Looking at the map, there is a clear “affordability belt” that can be seen visually.
In the Mountain West, Midwest, and South—including Idaho ($108.58), Montana ($109.76), Louisiana ($111.66), Ohio ($108.19), and West Virginia ($110.23)—each dollar goes a little further.
Where are countries losing purchasing power the fastest? See this visualization on the highest inflation rates by country on Voronoi, the app from Visual Capitalist.
2025-12-08 03:22:47
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Asia has undergone one of the most significant urban transformations of the last half-century. Cities that were once mid-sized have expanded into megacity regions, with populations rivaling entire countries.
Today, Asia is home to many of the world’s largest metropolitan areas, from Tokyo and Delhi to Shanghai and Dhaka. While coastal corridors and river basins have become densely built-up, large inland regions remain sparsely urbanized, creating a striking contrast across the continent.
The data for this visualization comes from World Population Review.
Tokyo remains the world’s largest metropolitan area with more than 37 million people, followed closely by Delhi at roughly 35 million. Shanghai, Dhaka, Beijing, and Mumbai all exceed 20 million residents.
| City | Country | Population |
|---|---|---|
| Tokyo |
 Japan |
37,036,200 |
| Delhi |
 India |
34,665,600 |
| Shanghai |
 China |
30,482,100 |
| Dhaka |
 Bangladesh |
24,652,900 |
| Beijing |
China |
22,596,500 |
| Mumbai |
India |
22,089,000 |
| Osaka |
Japan |
18,921,600 |
| Chongqing |
China |
18,171,200 |
| Karachi |
 Pakistan |
18,076,800 |
| Istanbul |
 Turkey |
16,236,700 |
| Kolkata |
India |
15,845,200 |
| Manila |
 Philippines |
15,230,600 |
| Guangzhou |
China |
14,878,700 |
| Lahore |
Pakistan |
14,825,800 |
| Tianjin |
China |
14,704,100 |
| Bangalore |
India |
14,395,400 |
| Shenzhen |
China |
13,545,400 |
| Moscow |
 Russia |
12,737,400 |
| Chennai |
India |
12,336,000 |
| Jakarta |
 Indonesia |
11,634,100 |
| Bangkok |
 Thailand |
11,391,700 |
| Hyderabad |
India |
11,337,900 |
| Nanjing |
China |
10,174,900 |
| Seoul |
 South Korea |
10,025,800 |
| Chengdu |
China |
9,998,870 |
| Ho Chi Minh City |
 Vietnam |
9,816,320 |
| Tehran |
 Iran |
9,729,740 |
| Nagoya |
Japan |
9,534,790 |
| Ahmedabad |
India |
9,061,820 |
| Kuala Lumpur |
 Malaysia |
9,000,280 |
| Wuhan |
China |
8,986,480 |
| Hangzhou |
China |
8,591,040 |
| Surat |
India |
8,581,730 |
| Baghdad |
 Iraq |
8,141,120 |
| Shenyang |
China |
7,974,270 |
| Riyadh |
 Saudi Arabia |
7,952,860 |
| Foshan |
China |
7,817,160 |
| Dongguan |
China |
7,772,860 |
| Hong Kong |
 Hong Kong |
7,768,510 |
Greater Jakarta now forms one of the world’s largest continuous urban regions, home to over 30 million people. This growth reflects decades of migration toward economic hubs in Indonesia.
Similar patterns appear in China’s Pearl River Delta and across major Indian corridors, where neighboring cities have fused into single metropolitan zones. These megaregions highlight a defining feature of modern Asian development: cities expanding outward until they merge with the next.
From Lahore to Dhaka, the Indo-Gangetic Plain has evolved into one of the most densely populated urban corridors on Earth.
Cities like Delhi, Kolkata, Dhaka, and Lahore form a nearly unbroken chain of development supported by fertile land and major river systems. In contrast, mountainous regions such as Tibet, the Himalayas, and Central Asia remain lightly urbanized.
If you enjoyed today’s post, check out Percentage of Arable Land By Country on Voronoi, the new app from Visual Capitalist.
2025-12-08 01:45:10
See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Home prices across North America have surged over the past two decades, driven by population growth, limited housing supply, and post-pandemic demand.
This infographic shows how average home prices have changed from July 2005 to July 2025 across 25 major North American cities, based on Zillow data compiled by Hanif Bayat.
On average, home prices across the top 25 cities in North America have risen by 92%, or nearly doubled, between 2005 and 2025.
The table below shows the North American cities where home prices have risen the most:
| City | Percentage change | Avg home price in July 2005 | Avg home price in July 2025 |
|---|---|---|---|
| Vancouver | 175% | $306,000 | $842,000 |
| Montreal | 167% | $156,000 | $417,000 |
| Toronto | 164% | $268,000 | $709,000 |
| Dallas | 139% | $154,000 | $369,000 |
| Charlotte | 134% | $166,000 | $389,000 |
| Denver | 125% | $258,000 | $581,000 |
| Seattle | 119% | $343,000 | $751,000 |
| Houston | 107% | $150,000 | $311,000 |
| Atlanta | 102% | $191,000 | $385,000 |
| Miami | 84% | $256,000 | $473,000 |
| Tampa | 83% | $198,000 | $361,000 |
| San Francisco | 79% | $629,000 | $1,130,000 |
| Boston | 77% | $412,000 | $731,000 |
| Orlando | 76% | $222,000 | $389,000 |
| Phoenix | 75% | $256,000 | $449,000 |
| Philadelphia | 74% | $222,000 | $387,000 |
| Los Angeles | 73% | $555,000 | $959,000 |
| San Diego | 71% | $542,000 | $926,000 |
| Inland Empire* | 66% | $353,000 | $585,000 |
| Detroit | 66% | $162,000 | $269,000 |
| New York | 59% | $447,000 | $713,000 |
| Minneapolis | 53% | $255,000 | $391,000 |
| Baltimore | 45% | $278,000 | $404,000 |
| Washington | 41% | $414,000 | $585,000 |
| Chicago | 41% | $246,000 | $346,000 |
*Inland Empire refers to Riverside-San Bernardino-Ontario, California metro area.
The top three fastest-appreciating cities are all in Canada. Vancouver leads with a 175% increase since 2005, followed by Montreal at 167% and Toronto with a 165% rise.
Canada’s big metros have experienced rapid population growth and strong foreign-buyer interest, combining to create some of the world’s hottest real estate markets. Vancouver and Toronto, in particular, have faced long-term housing shortages and rank among America’s least affordable housing markets.
In the United States, cities in the Sunbelt region in the South have seen their home prices more than double since 2005. These include Dallas (140%), Charlotte (134%), and Denver (125%), followed by Seattle (119%), which is the only more northern metro among the top five U.S. cities.
Houston and Atlanta have also seen strong growth in home prices, along with Miami and Tampa in Florida.
Despite being the three most expensive housing markets, major coastal cities like San Francisco (80%), Los Angeles (73%), and San Diego (71%) show relatively slower growth in home prices. On the East Coast, prices in New York have also grown moderately, rising 60% over the last two decades.
These coastal metros were already expensive in 2005, leaving less room for percentage-based appreciation as compared to Southern cities like Dallas and Houston.
Meanwhile, among the top 25 cities, home prices have grown slowest in Washington, D.C. and Chicago, rising 41% between 2005 and 2025.
To learn more about this topic from a global perspective, see Home Prices and Rent Changes Around the World on Voronoi.
