The recent euphoria surrounding the artificial intelligence mega-boom has led to massive concentration in the U.S. stock market, prompting fears of a catastrophic crash similar to the 2001 dot-com bust or the 2008 financial crisis. Many of these views have been aired recently on Scott Galloway and Ed Elson’s financial podcast, Prof G Markets, including a bearish stance from longtime bull NYU Stern Finance Professor Aswath Damadoran, who said the market was failing to price in a “potentially catastrophic” scenario.

However, one of Wall Street’s most experienced strategists has suggested that while a major selloff is inevitable, the risk to diversified retirement accounts is far more contained. Michael Cembalest, chairman of market and investment strategy for JPMorgan Asset and Wealth Manag

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