  We consider the effect of including an active galactic nuclei (AGN) component
when fitting spectral energy distributions of 109 spectroscopically confirmed
$z\approx 3.5-12.5$ galaxies with JWST. Remarkably, we find that the resulting
cosmic star formation history is $\approx 0.4$ dex lower at $z\gtrsim 9.5$ when
an AGN component is included in the fitting. This alleviates previously
reported excess star formation at $z\gtrsim 9.5$ compared to models based on
typical baryon conversion efficiencies inside dark matter halos. We find that
the individual stellar masses and star formation rates can be as much as
$\approx 4$ dex lower when fitting with an AGN component. These results
highlight the importance of considering both stellar mass assembly and
supermassive black hole growth when interpreting the light distributions of
among the first galaxies to ever exist.
