Me too / born in Sydney! A good mental model is that its like super, the kinds of things that super can invest in are equally diverse and it all depends on who you setup with

Systemically i guess thats more a question of 1) is US equities just an AI trade, and 2) how much of all these investment vehicles are just such assets. Regardless of the answers, the nice thing is that unlike debt, there isnt a positive feedback loop here (i.e. margin calls increase volatility)