S&P 500 BULL MARKET GAINS 117% AS AI RALLY RAISES CONCENTRATION RISKS

THE S&P 500 HAS SURGED 117% SINCE OCTOBER 2022, ADDING NEARLY $40 TRILLION IN MARKET VALUE, LARGELY DRIVEN BY AI-RELATED STOCKS.

HOWEVER, THE EQUAL-WEIGHT S&P 500 HAS UNDERPERFORMED BY A RECORD 52 PERCENTAGE POINTS, HIGHLIGHTING THE RALLY'S NARROW LEADERSHIP.

WITH NVIDIA UP OVER 1,900% AND TREASURY YIELDS RECENTLY HITTING 5.34%, INVESTORS ARE INCREASINGLY FOCUSED ON WHETHER EARNINGS GROWTH CAN SUSTAIN THE BULL MARKET. ...