Market concentration around AI darlings persists. It's making investors worried

The stock market continues to be extraordinary in the face of distressing headlines, but the growing concentration risk has more investors on edge. The S & P 500 is back at all-time highs as the bull case on Wall Street plays out. The artificial intelligence buildout is ramping up. Corporate earnings are topping expectations. Interest rate cuts seem inevitable, likely coming next month. On top of all that, the One Big Beautiful Bill will be stimulative for an economy where consumers are still spending. But the market's ascent at a time of seasonal weakness and ongoing inflation concerns has many investors worried. They fear that a stock market priced for perfection, with the S & P 500 currently trading at a 12-month forward multiple of 22, is vulnerable to some sort of setback. And that co