Outstanding analysis that highlights a critical blind spot for most index investors. The stat about 30% of S&P 500 value concentrated in just 5 companies is staggering, and when you overlay that with the AI capital expenditure arms race ($75B Google, $80B Microsoft, $100B Amazon, $500B Apple), it becomes clear we're all massively exposed to a single technological bet whether we realize it or not. Your comparison to the dot-com era is apt - the technlogy is real and transformative, but that doesn't prevent valuations from getting ahead of fundamentals. The Jason Furman analysis about AI infrastructure investment accounting for almost ALL GDP growth in H1 2025 is perhaps the most fascinating revelation - it shows how dependent our entire economic expansion has become on this single sector.
Outstanding analysis that highlights a critical blind spot for most index investors. The stat about 30% of S&P 500 value concentrated in just 5 companies is staggering, and when you overlay that with the AI capital expenditure arms race ($75B Google, $80B Microsoft, $100B Amazon, $500B Apple), it becomes clear we're all massively exposed to a single technological bet whether we realize it or not. Your comparison to the dot-com era is apt - the technlogy is real and transformative, but that doesn't prevent valuations from getting ahead of fundamentals. The Jason Furman analysis about AI infrastructure investment accounting for almost ALL GDP growth in H1 2025 is perhaps the most fascinating revelation - it shows how dependent our entire economic expansion has become on this single sector.