Every few years, the market falls into a manic obsession.
Dot-com in 2000. Crypto and meme stocks in 2021. Today, it's AI.
Each time, driving investors to bet the house on “the future, to go all in, to not get left behind…”
Every market mania convinces you that one future is the only future worth owning so investors pour everything into it, and go blind to the rest of the market.
The S&P 500 just topped 7,600 for the first time in history. But this "record-breaking" market is, in truth, one enormous bet on AI…
… with AI stocks making up a record 45% of the entire S&P 500 — nearly half the index.
Strip those AI names out, and the market has gone essentially nowhere since February.