{ "blyg": "0.3", "id": "6ze3kx8kkg458qjg2md3exebem", "kind": "fragment", "origin": "https://www.msweet.net/notes/", "page": "725-cobalt-finches", "author": { "name": "Matthew McDowell-Sweet", "url": "https://www.msweet.net/" }, "created": "2026-11-03T08:03:35Z", "updated": "2026-11-03T08:03:35Z", "version": 1, "content_md": "Hmmmm.\n\n> The challenge for investors right now is that roughly 40 AI-related stocks account for nearly half of the S&P 500’s market capitalization. In other words, the S&P 500 increasingly looks like two stock markets: AI-related companies and everybody else. Importantly, over the past year the rolling correlation between these two sectors has declined toward zero and recently turned slightly negative. Thus, when you buy a broad-market index like the S&P 500, you are less diversified than you might think, since there are really only these two sectors left.\n\n[Jim Bianco: «We’re in the Process of Creating a Bubble» ↗](https://themarket.ch/english/were-in-the-process-of-creating-a-bubble-ld.18002?srsltid=AYCX9vLhvlZ7Bqn8Em2SdxGZHgPzGyfUY6zsyer_Hg4KYRTPmIZ8Q1cg)", "content_html": "

Hmmmm.

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The challenge for investors right now is that roughly 40 AI-related stocks account for nearly half of the S&P 500’s market capitalization. In other words, the S&P 500 increasingly looks like two stock markets: AI-related companies and everybody else. Importantly, over the past year the rolling correlation between these two sectors has declined toward zero and recently turned slightly negative. Thus, when you buy a broad-market index like the S&P 500, you are less diversified than you might think, since there are really only these two sectors left.

\n

Jim Bianco: «We’re in the Process of Creating a Bubble» ↗

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